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Elon Musk, CEO of Tesla, has sold an additional 7.92 million Tesla shares for approximately $6.88 billion (£5.7 billion).
According to regulatory documents, the sales happened during the company’s annual shareholder meeting last week.
Musk claims he needs the cash in case he is required to pay $44 billion for Twitter.
After declaring last month that he would back out of an agreement to purchase the social media site, the multi-billionaire is currently locked in a legal spat with it.
According to six documents filed with the US Securities and Exchange Commission, the most recent transactions occurred on August 5, 8, and 9.
When asked in a tweet whether he had finished selling Tesla shares after the share sale became public, Mr Musk replied ‘yes,’ adding that he needed the money in case he was forced to acquire Twitter and could not secure some of the funds for the deal.
‘It is important to avoid an emergency sale of Tesla stock,’ he said.
If the Twitter takeover does not occur, Mr Musk said ‘yes’ when asked by another user if he would repurchase Tesla stock.
When asked in a tweet whether he had finished selling Tesla shares after the share sale became public, Mr Musk replied ‘yes,’ adding that he needed the money in case he was forced to acquire Twitter and was unable to secure some of the funds for the deal.
The company sued Mr Musk after he announced in July that he would abandon his attempt to acquire Twitter.
The corporation is being accused of hiding information regarding phoney accounts by the wealthiest in the world.
A US judge decided last month that the trial for Twitter’s lawsuit against Mr Musk should take place in October.
Twitter hopes that the court will direct Mr Musk to finalise the acquisition at the agreed-upon share price of $54.20.
Although the specifics of Mr Musk’s countersuit against Twitter have not been made public,
Also, in July, Twitter revealed that it had spent $33 million on the potential deal between April and June.
Additionally, it stated that there were now 237 million monthly active users, which was worse than expected.
In the meantime, Tesla disclosed last month that it had sold 75% of its Bitcoin holdings, estimated to be worth $2 billion at the end of 2021.
When the corporation revealed a sizable investment in the most prominent cryptocurrency in the world last year, it caused a stir.
With the $936 million from its Bitcoin sales, Tesla claimed to have purchased conventional currency.