Elon Musk: The CEO of Tesla Inc., sold the stock in the electric vehicle manufacturer for $6.9 billion, claiming that the money might be used to finance a prospective Twitter takeover if he loses a court battle the with social media site.
He wrote in a tweet late on Tuesday, “It is crucial to avoid an emergency sale of Tesla stock in the (hopefully rare) case that Twitter compels this deal to close and some of the equity partners don’t show.
Early in July, Musk reneged on his promise to pay $44 billion to acquire Twitter.
Musk’s claim that he was deceived about the amount of spam profiles on the social media network has been dismissed by Twitter as buyer’s remorse following a decline in technology stocks. Twitter has filed Musk to compel him to finish the transaction. On October 17, the two parties go on trial.
Wedbush Securities analyst Dan Ives tweeted, “Street will read thru this poker move that odds of Twitter deal more likely now.In other tweets on Tuesday, Musk responded “yes” when askedwhether he had ceased trading Tesla shares and stated that he would buy back Tesla shares if the Twitter transaction failed.
The world’s richest man, Elon Musk, sold $8.5 billion worth of Tesla stock in April and had previously stated that no more sales were planned. But since then, legal professionals have predicted that Musk would certainly sell more Tesla stock if he were forced to finish the acquisition or resolve the case with a severe fine.
