Elon Musk sells Tesla shares worth $6.9 billion to avoid Twitter fire sale.
Elon Musk sold $6.9 billion (roughly Rs. 54,880 crore) of his shares in Tesla Inc. the billionaire’s biggest sale on record, saying he needed cash in case he is forced to go ahead with his aborted deal to buy Twitter.
“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk tweeted late Tuesday after the sales were disclosed in a series of regulatory filings.
Asked by followers if he was done selling and would buy Tesla stock again if the $44 billion (roughly Rs. 3,49,970 crore) deal doesn’t close, Musk responded: “Yes.”
Tesla’s chief executive officer offloaded about 7.92 million shares on August 5, according to the new filings. The sale comes just four months after the world’s richest person said he had no further plans to sell Tesla shares after disposing of $8.5 billion (roughly Rs. 67,600 crore) of stock in the wake of his initial offer to buy Twitter.
Elon Musk sold $6.9 billion (roughly Rs. 54,880 crore) of his shares in Tesla Inc. the billionaire’s biggest sale on record, saying he needed cash in case he is forced to go ahead with his aborted deal to buy Twitter.
“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk tweeted late Tuesday after the sales were disclosed in a series of regulatory filings.
