Elon Musk Sells Tesla Shares: Given the Impending Twitter Lawsuit

According to public papers, the sales occurred following the company’s annual shareholder meeting last week.

Mr. Musk has stated that he requires the funds if he is compelled to acquire Twitter for $44 billion.

After declaring last month that he would back out of an agreement to buy the social media site, the multibillionaire is now locked in a legal battle with it.

There were six reports to the US Securities and Exchange Commission on August 5, 8, and 9.

Mr. Musk reacted to a tweet asking if he had finished selling Tesla shares after the news of the sale became public by saying “yes,”

and then explaining that he needed the money in case he was forced to buy Twitter and was unable to secure some of the finance for the deal.

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He stressed the importance of avoiding a “fire sale” of Tesla shares.

Mr. Musk also answered “yes” to a question from another user about whether he would reinvest in Tesla shares if the Twitter takeover did not go through.
Mr. Musk announced in July that he was abandoning his attempt to acquire Twitter, causing the firm to file suit against him.

The richest person in the world claims the corporation is hiding information regarding fraudulent accounts.

Earlier this month, a judge in the United States determined that Twitter’s lawsuit against Mr. Musk would proceed to trial in October.

Twitter is banking on the court compelling Musk to go through with the takeover at the agreed-upon price of $54.20 per share.

Mr. Musk has filed a countersuit against Twitter, the specifics of which are unknown at this time.

Twitter also revealed in July that it had spent $33 million on the potential acquisition between April and June.

Furthermore, it reported a net loss of $270m, which was worse than predicted, and announced that its number of monthly daily users had increased to 237m.

Elon Musk Sells Tesla Shares

Tesla, however, disclosed last month that it has sold 75% of its Bitcoin holdings, a sum that would be worth roughly $2 billion by the end of 2021.

Last year, the corporation made headlines when it announced a sizable investment in the largest cryptocurrency.

For its part, Tesla has stated that it has invested the $936 million it received from Bitcoin sales in conventional currency.

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