The Clap
Elon Musk sold 7.92 million shares in Tesla (NASDAQ: TSLA) for around $6.88 billion.
The Deets
Earlier this year, Musk announced he had no intention to sell any more shares in Tesla. However, SEC filings show that Musk sold a chunk of his stake for around $6.88 billion this month.
Why Sell?
Due to the ongoing legal dispute between him and Twitter, Musk has opted to sell shares from Tesla now in order to avoid the emergency sale of Tesla stock in case he is forced to acquire Twitter.
He intends to buy back Tesla shares if the Twitter acquisition deal doesn’t go through.
Background
Musk submitted an offer to acquire Twitter in a $44 billion deal. In July, however, Musk attempted to back out of the deal, claiming Twitter failed to give him the information he needed to go through with the acquisition. Twitter then sued Musk in order to force him to go through with the acquisition.
