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2022-08-10

Roller coaster ride

Musk Sells Tesla Shares Worth $6.9 Billion, Cites Chance of Forced Twitter Deal

Aug 10 (Reuters) - Tesla IncChief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he

Musk Sells Tesla Shares Worth $6.9 Billion, Cites Chance of Forced Twitter Deal

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Twitter has sued Musk to force him to complete the transaction, dismissing his claim that he was misled about the number of spam accounts on the social media platform as buyer&#39;s remorse in the wake of a plunge in technology stocks. The two sides head to trial on Oct. 17.</p><p>&#34;Street will read through this poker move that chances of Twitter deal more likely now,&#34; Dan Ives, an analyst at Wedbush Securities, tweeted.</p><p>In other comments on Twitter on Tuesday, Musk said &#34;yes&#34; when asked if he was done selling Tesla stock, and also said he would buy Tesla stock again if the Twitter deal does not close.</p><p>Tesla did not immediately respond to a Reuters request for comment.</p><p>Musk, the world&#39;s richest person, sold $8.5 billion worth of Tesla shares in April and had said at the time there were no further sales planned. 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Twitter has sued Musk to force him to complete the transaction, dismissing his claim that he was misled about the number of spam accounts on the social media platform as buyer&#39;s remorse in the wake of a plunge in technology stocks. The two sides head to trial on Oct. 17.</p><p>&#34;Street will read through this poker move that chances of Twitter deal more likely now,&#34; Dan Ives, an analyst at Wedbush Securities, tweeted.</p><p>In other comments on Twitter on Tuesday, Musk said &#34;yes&#34; when asked if he was done selling Tesla stock, and also said he would buy Tesla stock again if the Twitter deal does not close.</p><p>Tesla did not immediately respond to a Reuters request for comment.</p><p>Musk, the world&#39;s richest person, sold $8.5 billion worth of Tesla shares in April and had said at the time there were no further sales planned. But since then, legal experts had suggested that if Musk is forced to complete the acquisition or settle the dispute with a stiff penalty, he was likely to sell more Tesla shares.</p><p>Musk sold about 7.92 million shares between Aug.5 and Aug.9, according to multiple filings. He now owns 155.04 million Tesla shares or just under 15% of the automaker according to Reuters calculations.</p><p>The latest sales bring total Tesla stock sales by Musk to about $32 billion in less than one year.</p><p>Tesla shares have risen nearly 15% since the automaker reported better-than-expected earnings on July 20, also helped by the Biden administration&#39;s climate bill that, if passed, would lift the cap on tax credits for electric vehicles.</p><p>Musk also teased on Tuesday that he could start his own social media platform. 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