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FRIDAY, JULY 11, 2025
Musk sells nearly $7 billion in Tesla shares amid Twitter legal battle

Global Economy

Reuters
10 August, 2022, 09:30 am
Last modified: 10 August, 2022, 09:35 am

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Musk sells nearly $7 billion in Tesla shares amid Twitter legal battle

Reuters
10 August, 2022, 09:30 am
Last modified: 10 August, 2022, 09:35 am
Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song
Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song

Tesla Inc Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, tweeting it was important to avoid an emergency sale of Tesla stock amid a legal showdown with Twitter Inc over a $44 billion takeover deal.

Musk, the world's richest person, had said in April that there were "no further TSLA sales planned" - after he sold $8.5 billion worth of shares in the company back then.

But legal experts have suggested that if Musk loses his battle against Twitter and is forced to complete the acquisition or pay a stiff penalty, he could conceivably have to sell more Tesla shares.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Musk tore up his April 25 agreement to buy the social media platform and the two sides face a drawn-out legal battle that could still cost Musk billions of dollars. The two sides head to trial on October 17.

In the latest stock sale, Musk sold about 7.92 million shares between August 5 and August 9, according to multiple filings. He now owns 155.04 million shares in Tesla.

The latest sales bring total stock sales by Musk to about $32 billion in less than one year.

Top News / World+Biz

Elon Musk / Tesla Inc (TSLA.O) CEO Elon Musk / Tesla / Tesla Inc / Tesla CEO / Elon Musk twitter buyout / Twitter legal battle / Twitter Inc / Twitter

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