Elon Musk sells Tesla shares worth $6.9 billion to assist fund a potential forced Twitterdeal

Elon Musk sells Tesla shares worth $6.9 billion to assist fund a potential forced Twitterdeal ...

Musk is on the verge of becoming the world's richest person with a personal fortune of around $250 billion, but a large portion of his wealth is in the form of Tesla shares. According to multiple SEC filings, he sold 7.92 million of these shares between August 5 and August 9, valued at $6.9 billion.

After completing $8.4 billion in the same month, Musk said he did not intend to sell any additional shares on Twitter.

Sawyer Merritt, a Tesla investor, tweeted the SEC forms showing that Musk had sold millions more shares and asked the CEO if he was done selling.

"Yes," Musk said. "In the event that Twitter is forced to close this deal, and some equity partners don't come through, it's important to avoid an emergency sale of Tesla stock," he said in another tweet. If the Twitter deal does not come to an end, it's possible to avoid a sale of Tesla stock again.

Yes. In the unlikely event that Twitter obliges this deal to close *and* some equity partners don't arrive, it's vital to avoid an emergency sale of Tesla stock.

Musk received $7 billion from Larry Ellison, Binance, the Qatar State Investment Fund, Morgan Stanley, and several others to help fund the $44 billion Twitter takeover. He walked away from the deal in early July, claiming that the company is concerned about the number of fake accounts on the platform. Musk claims it is more like 20%.

After the judge granted Twitter's request to expedite proceedings, Twitter and Musk will be ordered to complete the transaction at the original $54.20 per share price, which is currently $42.83or, and Musk has recently said he would be willing to pay the same amount if it showed precisely how it counts the number of fraudulent accounts on the platform. He also challenged Twitter CEO Parag Agrawal to "a public debate."

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