Musk sells $7 billion in Tesla shares amid dispute with Twitter
Tesla CEO Elon Musk has sold $6.9 billion in shares in the electric car maker, writing on Twitter that it is necessary to avoid an emergency sale of Tesla shares amid a legal standoff with Twitter over a $44 billion takeover deal.
Musk, the world's richest person, said in April that he had no plans to sell more Tesla shares, after he sold $8.5 billion worth of shares in the company at the time.
However, legal experts note that if Musk loses his battle with Twitter and is forced to complete the acquisition or pay a severe fine, he will likely be forced to sell more Tesla shares.
Musk has abandoned his April 25 agreement to buy the social media platform, and the two sides face a protracted legal battle that could cost Musk billions of dollars.
The two sides head to court on October 17.
In the latest share sale, Musk sold about 7.92 million shares between August 5 and August 9, according to multiple disclosures to regulators.
He now owns 155.04 million shares in Tesla.
This brings Musk's total stock sales to about $32 billion in less than a year.
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