Elon Musk clarifies reason for vending Tesla share

(MENAFN) Elon Musk has vended USD6.9 billion worth of stocks in Tesla to raise cash over a lawful argument with Twitter over a failed USD44 billion coup agreement.

He disposed of some 7.92 million stocks on August 5, in line with a series of governing filings following the US markets ended on Tuesday. Amid high speculation over the cause for the sale, Musk shared a series of tweets clarifying that the decision was essential if he is compelled to finish the USD44 billion purchase of Twitter, which he withdrew from last month.

“It is important to avoid an emergency sale of Tesla stock,” he added.

Musk also replied “Yes” after he got a question if he would buy the stocks again if the Twitter purchase does not happen.

Moreover, he is now involved in a legal fight with Twitter when he claimed in July he would withdrew from an agreement to take over it.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.