Twitter Deal: Elon Musk Activates Plan B, Sells $6.9 Billion Worth Of Tesla Shares

Billionaire businessman, Elon Musk, has sold another 7.92 million shares of his electric car company, Tesla, worth about $6.88 billion to finance his $44 billion Twitter deal in the event that it moves forward.

In April, Musk and Twitter’s leadership reached a deal to sell the platform to him at the price of $54.20 per share, however, in July, he terminated the deal on the grounds that the company did not provide him with adequate information on the number of fake/spam accounts on the platform.

Following the termination, Twitter kicked against it insisting the sale must go on and since then, both parties have been involved in a legal tussle with Twitter filing a lawsuit against Musk which is set to go to trial in October.

Musk has also filed a countersuit against Twitter, but the content of the suit is not available to the public yet.

According to six filings with the Securities and Exchange Commission (SEC), Musk sold the shares in transactions carried out on the 5th, 8th, and 9th of August.

When news of the sale broke, Musk responded when someone asked him on Twitter if the news was true, further explaining why he had done so.

“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 tweeted.

THE WHISTLER reported how Musk sold about $4 billion worth of Tesla stock in April. At the time, he said he had no plans to sell more stocks in the company.