Elon Musk Sells Tesla Stock for almost $7 Billion.

According to legal documents, Elon Musk has sold nearly $7 billion worth of Tesla shares in the midst of a contentious legal dispute with Twitter over a $44 billion buyout deal.

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According to documents submitted to the Securities and Exchange Commission on Tuesday, between August 5 and August 9, the billionaire sold 7.9 million shares of the electric car manufacturer.

Musk, the richest man in the world, stated on Twitter late Tuesday that it was crucial to avoid an emergency sale of Tesla stock “in the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through.”

The erratic Tesla CEO and the social media platform are engaged in a legal dispute over his attempt to renege on the April agreement to buy the business. A judge has ordered the trial to start in October.

Tesla Elon Musk Elon Musk

In a countersuit, Musk accuses Twitter of defrauding him and claims the social media platform misled him about important aspects of its operations before he agreed to a $44 billion deal.

The most recent action comes after Musk sold shares of Tesla worth approximately $8.5 billion in April as he was getting ready to finance the Twitter acquisition. “No further TSLA sales planned after today,” he tweeted at the time.

By Wednesday midday, Tesla had increased 2.2 percent to $868.34, while Twitter had increased 3.4 percent to $44.28.

Tesla had risen 2.2 percent to $868.34 by Wednesday noon, while Twitter had risen by 3.4 percent to $44.28.

According to Dan Ives de Wedbush Securities, the purchase of Twitter will ultimately go through.

According to him, Musk has now sold enough Tesla stock to pay for the Twitter acquisition, which is now more likely.

This selling pressure was a burden on Tesla’s stock, but for the time being, it has subsided along with the agitation.

But he points out in an analysis that the drama has a variety of possible outcomes.

Ives added, “We can also see Musk trying to put a lid on this powder keg before the Twitter deal officially goes to court in October.”

Tesla stock prices have been closely correlated with the outcome of the Twitter acquisition in recent weeks, first falling on worries that Musk might be distracted and put his company at unnecessary financial risk before rising when he declared his desire to renounce the acquisition.

In the Twitter agreement, it was stated that in certain situations, the party who violated the terms would be required to pay a $1 billion termination fee.

Musk leads the Bloomberg Billionaires Index with a net worth of $250 billion, despite having lost $20.1 billion since the year’s beginning, primarily because of the drop in Tesla’s stock price.

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