Elon Musk backed out of his agreement to purchase Twitter, and the company filed a lawsuit against him as a result. Elon just sold $6.9 billion in Tesla shares in the event that Twitter prevailed in its legal battle to force Musk to purchase the social network for $44 billion.
According to SEC regulatory filings, Elon Musk sold a share ofTesla valued at $6.9 billion on August 5, according to the media mogul. In case Twitter fails to imply Musk would buy the social network for $44 billion, Musk said.
In the unlikely event that Twitter obligates this transaction to close, and certain equity partners do not come through, it is important to avoid a sale of Tesla stock in an emergency manner.
Tesla stocks were sold for $8.4 billion in April, according to Musk, who would begin selling the Twitter acquisition. At the time, he claimed that he had no further Tesla stock sales planned. Musk said on Monday that if the Twitter agreement ends, he would purchase shares in Tesla. He now owns 15% of the shares in Tesla.
Musk has been put in jeopardy by Twitter's long-held claim that spam and fake accounts are less than 5% of total active users. Last month, he informed the company that he was canceling the agreement due to Twitter's seemingly unjustification to prove the measure. On July 12, Twitter filed a lawsuit against Musk, attempting to obstruct the world's richest person to complete his $44 billion acquisition.