Elon Musk sold $6.9 billion worth of shares Tesla this month to help finance an acquisition of Twitter — a deal he is fighting in court to avoid.“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk said in a tweet late Tuesday regarding the latest sale of shares in his electric automaker.Yes.
In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.— Elon Musk (@elonmusk) August 10, 2022Musk offered to buy Twitter in April for $44 billion, or $54.20 a share, in cash.
But the market dipped along with Twitter stock, and he appeared to become concerned about the number of fake, or BOT, accounts on the platform, engaging in a tit-for-tat with CEO Parag Agrawal over Twitter’s disclosures or lack thereof.
Early in July, Musk just tore up the deal. Twitter sued him and a speedy trial in Delaware Chancery Court is set for Oct. 17.But before it got to this point, Musk had looked to raise cash to finance the deal by unloading $8.5 billion worth of shares of Tesla, which he founded and controls.
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