Elon Musk has sold about $7 billion worth of shares in Tesla as he gets his finances in order ahead of his court war with Twitter.
Elon revealed in strings of regulatory filings that he offloaded about 8 million shares of Tesla Inc. recently.
Musk tweeted 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 accused the Twitter company of fraud over his cancelled $44 billion purchase. He argued that Twitter hid vital information and deceived his team about the size of its user base.
Musk alleges that Twitter committed a scam, violation of contract and breach of a securities law in Texas, where he lives.
The Twitter deal provides for a $1bn break-up fee. But it also requires “specific performance”, implying that Musk must go forward with the buy unless he can establish that he was deceived.
He may also walk away if the debt required to complete the deal is no longer available. That has lifted the stakes of the October court hearing, leaving Musk at risk of being mandated to go forward with the agreement on its actual terms or pushed to try to attain an out-of-court settlement with Twitter.
