Tesla and SpaceX CEO Elon Musk recently sold 7.82 million shares of Tesla stock worth a total of $6.88 billion, per financial filings released earlier this week, as the pressure surrounding the billionaire’s lawsuit with Twitter continues to build — with the court date fast approaching.
The Securities and Exchange Commission (SEC) filings showed Musk made the transaction between Aug. 5th-9th, just days after Tesla’s shareholder meeting in Austin, Texas on Aug. 4.
Musk — who is currently countersuing Twitter over the attempt to sue him after he tried pulling out of the takeover deal — said he would not sell any additional Tesla stock after April 28, according to CNBC.
He apparently had a change of heart, creating speculation as to the reason behind Musk’s sale.
The CEO made things clearer in a tweet on Tuesday however, in response to whether or not he would sell more stock in the near future.
“Yes. 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 tweeted.
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.
— Elon Musk (@elonmusk) August 10, 2022
Musk had reportedly lined up initial equity financing from 19 different partners including Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Qatari Holding, venture firms Sequoia, DFJ growth fund, Vy Capital, and the cryptocurrency exchange Binance — back in May.
Last week, Musk also responded to a Twitter thread by Andrew Stroppa, regarding the counterclaim against the Big Tech giant.
“@elonmusk’s counterclaim suit against Twitter. Clearly, from Twitter SEC filings, mDAU is the key metric,” the thread stated. “It is the key metric for its business rev. And its market value; mDAU is an ad hoc metric, created to protect Twitter’s interests. No competitor uses something similar.”
In response, the Tesla CEO explained the core argument for his reservations about purchasing the company.
“Good summary of the problem,” Musk replied. “If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms. However, if it turns out that their SEC filings are materially false, then it should not.”
While Musk still questions Twitter’s claim about having less than five percent bots on the platform, he has previously said he would consider creating his own social media platform, X.com, to compete against the left-wing entity, if the deal failed to go through.
If this were to happen, hopefully Musk sticks to his promises of free speech absolutism and turns out to be for real; Swooping in once again to help save the day — and America — from the tyranny it is currently suffering under.
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