Elon Musk is selling off billions of Tesla shares because of Twitter
Is the tycoon preparing for the worst-case scenario in the “Twitter” case?
Elon Musk seems to be preparing for the worst case scenario in the “Twitter takeover ” case from which he had announced that he was leaving, resulting in a legal dispute between the tycoon and the well-known social network.
The CEO of Tesla proceeded with new mass sales of shares of his company, which contradicts his previous statements last April, where he assured that he was not planning such a thing.
According to data filed with the US Securities and Exchange Commission (SEC), the world’s richest man sold nearly $7 billion worth of Tesla stock .
In a related question posed by a Twitter user, Musk responded and hinted that he needs the cash in case the litigation does not go in his favor and he is forced to purchase Twitter.
More specifically, Elon Musk sold about 7.9 million shares in the previous days at prices between $838.57 and $911.75.
In another question, he answered directly in the affirmative to the question of whether he would buy back Tesla shares.
The above comes four months after he sold $8.5 billion in stock in the wake of his bid to buy Twitter. Tesla shares have since rebounded from lows hit in May, benefiting from broader gains in U.S. stocks.
