Elon Musk sells $6.9bn of Tesla shares as Twitter lawsuit looms – BBC

By Peter Hoskins
Business reporter

Tesla boss Elon Musk has sold another 7.92 million shares in the electric car maker, worth around $6.88bn (£5.7bn).
The sales took place after the firm's annual shareholder meeting last week, regulatory filings show.
Mr Musk says he needs the money in case he is forced to buy Twitter for $44bn.
The multi-billionaire is currently embroiled in a legal battle with the social media platform after saying last month he would pull out of a deal to buy it.
The latest transactions were carried out on 5, 8 and 9 August, according to six filings with the US Securities and Exchange Commission.
After news of the share sale was made public Mr Musk responded to a tweet asking whether he had finished selling Tesla shares with "yes", adding that he needed the money in case he was forced to buy Twitter and was unable to secure some of the funding for the deal.
"It is important to avoid an emergency sale of Tesla stock," he said.

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.
Asked by another user whether he would buy Tesla shares again if the Twitter takeover does not take place Mr Musk also responded "yes".
In July, Mr Musk said he planned to walk away from his bid to buy Twitter, prompting the company to sue him.
The world's richest person has accused the company of withholding information about fake accounts.
Last month, a US judge ruled that Twitter's lawsuit against Mr Musk should go to trial in October.
Twitter hopes that the court will order Mr Musk to complete the takeover at the agreed price of $54.20 per share.
Mr Musk has countersued Twitter, although the details of that lawsuit have not been made public.
Also in July, Twitter said that between April and June it had spent $33m on the proposed deal.
It also said its number of monthly daily users had risen to 237m – but it reported a net loss of $270m, which was worse than expected.
Meanwhile, Tesla revealed last month that it had offloaded 75% of its Bitcoin, which was worth about $2bn at the end of 2021.
The company made waves last year when it revealed a major investment in in the world's biggest cryptocurrency.
Tesla said it bought traditional currencies with the $936m proceeds of its Bitcoin sales.
This video can not be played
Who is Elon Musk? Meet the meme-loving magnate behind SpaceX and Tesla… published in 2021
Musk denies affair with Google co-founder's wife
Twitter spent $33m in three months on Musk deal
Tesla sells most of its Bitcoin holdings
Twitter-Musk dispute heading for October trial
Rushdie on ventilator and unable to speak – agent
Salman Rushdie: The writer who emerged from hiding
FBI took top secret documents from Trump's home
We fled the Taliban for our Olympic dream. Video
Ibiza: The birth of the 'party island' Video
Meet the Indians named after historic events
Predicting Russia's next step in Ukraine
The mystery deaths of two Saudi sisters in Sydney
Salman Rushdie: The writer who emerged from hiding
'I'm a different person after having monkeypox'
The librarian who defied the Taliban
Fear in the only EU country where abortion is illegal
The best public pools around the world
Why open relationships are on the rise
The ejector seats that fire through the floor
© 2022 BBC. The BBC is not responsible for the content of external sites. Read about our approach to external linking.


Leave a Reply

Your email address will not be published. Required fields are marked *