Multi-billionaire Elon Musk sells another $6.9bn of Tesla shares




  • In Business
  • 2022-08-10 04:35:58Z
  • By BBC
Elon Musk.
Elon Musk.  

Tesla boss Elon Musk has sold another 7.92 million shares in the electric car maker, worth around $6.88bn (£5.7bn).

The sales took place after the firm's annual shareholder meeting last week, regulatory filings show.

Mr Musk says he needs the money in case he is forced to buy Twitter for $44bn.

The multi-billionaire is currently embroiled in a legal battle with the social media platform after saying last month he would pull out of a deal to buy it.

The latest transactions were carried out on 5, 8 and 9 August, according to six filings with the US Securities and Exchange Commission.

After news of the share sale was made public Mr Musk responded to a tweet asking whether he had finished selling Tesla shares with "yes", adding that he needed the money in case he was forced to buy Twitter and was unable to secure some of the funding for the deal.

"It is important to avoid an emergency sale of Tesla stock," he said.

Asked by another user whether he would buy Tesla shares again if the Twitter takeover does not take place Mr Musk also responded "yes".

In July, Mr Musk said he planned to walk away from his bid to buy Twitter, prompting the company to sue him.

The world's richest person has accused the company of withholding information about fake accounts.

Last month, a US judge ruled that Twitter's lawsuit against Mr Musk should go to trial in October.

Twitter hopes that the court will order Mr Musk to complete the takeover at the agreed price of $54.20 per share.

Mr Musk has countersued Twitter, although the details of that lawsuit have not been made public.

Also in July, Twitter said that between April and June it had spent $33m on the proposed deal.

It also said its number of monthly daily users had risen to 237m - but it reported a net loss of $270m, which was worse than expected.

  • Who is Elon Musk?

  • Musk denies affair with Google co-founder's wife

Meanwhile, Tesla revealed last month that it had offloaded 75% of its Bitcoin, which was worth about $2bn at the end of 2021.

The company made waves last year when it revealed a major investment in in the world's biggest cryptocurrency.

Tesla said it bought traditional currencies with the $936m proceeds of its Bitcoin sales.

You may also be interested in:

COMMENTS

More Related News

Elon Musk X: What life is like on a super-app in Asia
Elon Musk X: What life is like on a super-app in Asia

In Asia, super-apps are already a vital part of everyday life, with everything available at a click of a button.

Pound holds steady after Fitch drops UK credit outlook to
Pound holds steady after Fitch drops UK credit outlook to 'negative' - live updates

Income taxes to rise by £21bn despite Budget cuts FTSE 100 closed at 7,052.62 on Wednesday, FTSE 250 at 17,562.42 Dow Jones closed at 30,273.87, S&P 500 at...

Musk Deposition Delayed in Twitter Suit as Buyout Moves Ahead
Musk Deposition Delayed in Twitter Suit as Buyout Moves Ahead

(Bloomberg) -- Elon Musk and Twitter Inc. agreed to postpone the billionaire's long-awaited deposition in the company's lawsuit aimed at forcing him to go...

Three reasons Washington is freaking out about Elon Musk right now
Three reasons Washington is freaking out about Elon Musk right now

A takeover of Twitter by Elon Musk could create headaches for Democrats and Republicans alike, with a potential return of Donald Trump and explosion of...

Twitter under Musk? Most of the plans are a mystery
Twitter under Musk? Most of the plans are a mystery

Musk, the CEO of Tesla Motors and SpaceX and Twitter's most high-profile user since former President Donald Trump was booted from it, has shared few concrete...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business