Tesla CEO Elon Musk sold $6.88 billion worth of Tesla stock, according to financial records published Tuesday night.
The Securities and Exchange Commission filing shows that Mr. Musk has sold off 7.92 million company shares since Friday.
The massive sale of company stock comes after Mr. Musk promised the end of stock sales in April.
No further TSLA sales planned after today
— Elon Musk (@elonmusk) April 29, 2022
The sale is the latest twist in the burgeoning legal battle between the world’s richest man and Twitter.
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Mr. Musk announced in April his plans to purchase Twitter for around $44 billion but backed out in early July citing transparency issues and an overabundance of bots. Twitter has now sued the billionaire to force the deal to be consummated.
Mr. Musk has not confirmed his reasoning for selling, but he took to Twitter late Tuesday to confirm it was the end of the sales for now and that he would purchase back the Tesla stock if the Twitter deal fails.
“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partner don’t come through, it is important to avoid an emergency sale of Tesla stock,” Mr. Musk tweeted.
In the same series of tweets, Mr. Musk also implied that he would be interested in creating his own social media platform to compete with Twitter.
The cryptic response, “X.com”, could signal his earnest determination to break into social media ownership, even if he is not forced to purchase Twitter.
The trial to decide whether Mr. Musk must purchase Twitter for the original price is set for Oct. 17.