Elon Musk sold more than $6.9 billion in Tesla shares, according to the document.submitThe Securities and Exchange Commission released on Tuesday.
The sell-off occurred, with the electric car maker saying The funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform.
Musk sold his shares between Aug. 5 and Aug. 9, and he now owns 155.04 million shares of Tesla, he said. Cash is needed in case of forced execution of a canceled agreement to buy Twitter.
Tesla shares have risen nearly 15 percent since the automaker reported better-than-expected earnings on July 20 and was also helped by Biden administration’s climate bill. which aims to increase the tax credit limit for electric vehicles.
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Elon Musk Sells $6.9 Billion Tesla Inc Shares It hopes to fund it if courts force it to buy Twitter appeared first on Bitcoin Addict.