Categories: ForeignNews

Panicked Elon Musk Sells $6.9bn Worth Of Tesla Shares In Case Court Forces Him To Complete Twitter Deal

Tesla CEO and world’s richest man Elon Musk has sold $6.9bn of shares to raise equity in case he loses an upcoming court case over purchasing Twitter.

Musk made the move this past week and provided an update on it on Twitter late Tuesday, August 10th 2022.

“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 said on Twitter of the move to sell the shares.

The sale comes after the South African-born Canadian billionaire had promised no more sale of the shares of the car manufacturing company he founded.

READ ALSO: Bromance On Fleek as Kanye West, Lil Uzi Vert & Steve Lacy Get Matching Tattoos

He made the promise in an earlier attempt to raise cash for the Twitter deal, but stopped after serious resistance from other Tesla stockholders.

He’s been forced back into the move as a lawsuit looms over him pulling out of a deal to buy Twitter.

In April, Musk finalised a deal with Twitter to buy the company for $44bn.

However, he later tried pulling out of the deal when Twitter’s share price drastically fell, making his offer far outweigh the company’s market value.

Musk tried to torpedo the deal, claiming Twitter are facing a BOT problem, but the company refused to let him back down and sued him.

The case would be heard in Delaware in October, and in the event Musk has to buy the company, he doesn’t want to be forced into an emergency sale of Tesla stock.

READ ALSO: Happy Yourself – Emotional Video Drops As R-Kelly Spotted Singing Passionately In Prison

The billionaire has promised to buy back the stock if he wins the case and isn’t forced to shell out $44bn.

Source: GhanaCelebrities.Com

This post was published on August 10, 2022 5:12 PM

Our website, www.ghanacelebrities.com, uses cookies. The website uses analytical cookies to check the behavior of visitors and to improve the website on the basis of these data. In addition, third parties place tracking cookies to show personalized advertisements. Do not want to accept all cookies?

Read More