Musk sold Tesla shares for $6.9 billion. Just in case he loses to Twitter

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“Yes. In the (hopefully unlikely) event that Twitter pulls through to close the deal and some equity partners pull out, it’s important to avoid forced stock sales,” Musk wrote on the social network. He thus answered the question of another debater, who asked him if he was done with the sale of shares. He also said that if the Twitter acquisition does not go through, he will buy Tesla stock again.

“People will interpret this poker move as the chance of a deal with Twitter is now more likely,” Wedbush Securities analyst Dan Ives wrote on Twitter.

In April, Musk offered 44 billion dollars (over a trillion CZK) for the technology company Twitter, but in July he withdrew from the agreement. Both sides are now facing a legal battle that could cost Musk billions of dollars. Twitter wants Musk to complete the acquisition. But Tesla’s boss says Twitter deliberately misled him and other investors about the number of fake or spam accounts on the platforms, which is critical to business results. The trial begins on October 17.

Musk said in April this year that he has no plans to sell any more shares from his Tesla stake. He previously sold $8.6 billion worth of company stock. Musk is now the richest person in the world, according to Bloomberg’s ranking of dollar billionaires, his assets reached a value of around 250 billion dollars (roughly six trillion CZK) on Tuesday.

Legal experts say that if Musk loses the dispute with Twitter and is forced to buy the company or pay a large fine, he may have to sell more Tesla shares. According to SEC filings, Musk sold roughly 7.92 million shares of the automaker between Aug. 5 and 9, now owning 155.04 million. In less than a year, Musk has sold approximately $32 billion worth of Tesla shares, Reuters reported.

Since July 20, when electric car maker Tesla reported better-than-expected financial results, the company’s shares have gained almost 15 percent. A climate bill introduced by President Joe Biden’s administration that, if passed, would repeal limits on tax credits for electric cars also contributed to this.

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