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Elon Musk Sells $6.9 Billion of Tesla Shares, Cites Risk of Being Forced

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10 August Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk has sold $6.9 billion of stock. That is, in the electric car maker TESLA. Thus, claiming that the money might be put to use to fund an eventual Twitter deal. Hence, should he lose an appeal against the social media giant.

“In the (hopefully unlikely) scenario that Twitter makes this deal be closed *and* certain equity partners fail to succeed. Thus, it’s essential to stay clear of the need for an urgent sale of Tesla shares,” He said in a tweet on Tuesday night.
Musk in the beginning of July. Ripped apart the agreement he signed on April 25 to purchase Twitter in a deal worth $44 billion. Twitter has filed suit against Musk to make him finish the deal. In addition to this, dismissed the claim that he was misinformed about. The amount of spam accounts that the platform offers. The company has also claimed that it suffered buyer’s remorse following an ebb in technology stocks. The two sides are scheduled to go to court on October. 17.

“Street will be reading through this deal. Hence, which makes the chances of a Twitter deal are more likely today,” Dan Ives, an analyst at Wedbush Securities, tweeted.

In another post in other tweets on Twitter in the days preceding Tuesday’s tweet. Elon Musk said “yes” when asked whether he was done with selling Tesla shares. Furthermore, stated that he’d purchase Tesla stock in the event that the Twitter deal doesn’t close.

Tesla did not immediately reply to a Reuters request for comments.

Musk is the richest person, has sold $8.5 billion of Tesla shares on April. Musk was at the time saying that there was no more sales scheduled. However, since then, legal experts advised that should Musk finish the purchase or settle the issue with a hefty fine. He could be forced to continue to sell Tesla shares.

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Musk traded around 7.92 millions of shares in the period between August 5 and August 9 according to multiple filings. Musk now holds 155.04 million Tesla shares or just over 15 percent of the automaker, according to Reuters analysis.

The latest sales have brought the total Tesla stock sales made by Musk. Approximately, to around $32 billion in just one year.

Tesla shares have gained almost 15 percent since the automaker posted higher-than-expected profits. That is, on the 20th of July which was also aided through its participation in the Biden administration’s climate law. That, if approved it, will lift the tax credits cap for electric automobiles.

Musk also hinted in a tweet on the same day that he might create the first social media company. When asked by a user on Twitter. If he’d thought of starting his own platform in the event. That the deal was not able to close and he responded: “X.com”

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MBE Digital Media Team
MBE Digital Media Teamhttps://blog.mbeforyou.com
MB Enterprises is an independent, Canada based business solutions and services providing group that is envisioned to lead the industry through trend-setting innovation and ground-breaking ideas.

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