Elon Musk has sold $6.9 billion in Tesla shares in case he loses the impending Twitter trial and is forced to buy the social network.
The world’s richest man pulled out of a deal to buy Twitter last month amidst claims that it had misled over the number of fake Twitter counts out there, prompting the social network to launch a lawsuit to try and force him to make good on his bid. The trial is set to take place in October.
Musk is evidently getting a little nervous about this. US SEC filings have shown that the Tesla CEO has sold a combined $6.9 billion in company stock in recent days.
If there was any doubt as to why Musk might be selling more Tesla stock, the man himself has provided the answer via Twitter. When asked by a Twitter used whether he was finished selling Tesla stock (he also sold $8.4 billion in April), he replied in the affirmative.
The Tesla chief claims that his goal in these gradual sales of Tesla stock is to avoid an emergency sale should he suddenly find himself relatively strapped for cash with a large bill to pay.
Musk also assured his followers he would buy that Tesla stock back up again if he won the impending case and wasn’t forced to stump up the necessary $44 billion (including $30 billion of his own money) to buy the company.
You might like…
Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.