state Delaware Twitter CEO SEC state Delaware

Elon Musk Sells Nearly $7 Billion in Tesla Shares in Preparation for ‘Hopefully Unlikely’ Close of Twitter Deal

Reading now: 869
thewrap.com

back out of his agreement to purchase Twitter, the CEO sold almost $7 billion in Tesla stocks on Tuesday. He says the move was made to “avoid an emergency sale of Tesla stock” down the line.In new filings this week, it was revealed that Musk sold nearly eight million shares of Tesla stock, which were worth about $6.9 billion.

The move came as a surprise to some, as Musk tweeted back in April that there were “no further TSLA sales planned after today,” after he sold roughly $8.4 billion worth of stocks to fund his initial deal to buy Twitter.

When asked online if he was done selling for this week, Musk confirmed so, and noted that he only sold as much as he did as a contingency plan, in the event that he’s forced to follow through on the agreement he struck with the company back in April.“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,” he wrote.Yes.

Read more on thewrap.com
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA