With Tesla stock sale Musk cashes up for Twitter
2 years, 4 months ago

With Tesla stock sale Musk cashes up for Twitter

Al Jazeera  

Tesla chief sold nearly $7bn worth of shares to avoid an emergency sale in case he is forced to complete Twitter deal. Tesla Inc Chief Executive Officer Elon Musk sold $6.9bn 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 $44bn takeover deal. Asked by followers if he had finished selling Tesla shares and would buy the stock again if the deal does not close, Musk responded: “Yes.” 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. Musk, the world’s richest person, had said in April that there were “no further TSLA sales planned” – after he sold $8.5bn worth of shares in the company back then.

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