Elon Musk has sold nearly $7 billion worth of Tesla shares, according to legal filings, amid a high-stakes court battle with Twitter over a $44 billion buyout deal.
The billionaire offloaded about 7.9 million shares in the electric carmaker between August 5 and 9, according to documents filed with the Securities and Exchange Commission on Tuesday.
“In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk, the world’s richest man, said on Twitter late Tuesday.
The social media network is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from the April agreement to buy the company, and a judge has ordered the trial to begin in October.
Musk has filed a countersuit, accusing Twitter of fraud and alleging the platform misled him about key aspects of its business before he agreed to a $44 billion deal.