Friday, January 27, 2023

Elon Musk sells US$ 6.9bn of Tesla stock ahead of Twitter battle 

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Market Desk (Tech): Elon Musk sold more than $6.9 billion in Tesla shares, according to new filings with the Securities and Exchange Commission published Tuesday.

The selloff comes weeks after the Tesla CEO’s bid to withdraw a $44 billion agreement to buy Twitter and ensuing legal battle with the tech giant, something Musk acknowledged on Tuesday night.

Musk said in a tweet yesterday that it’s important to avoid selling Tesla shares on an emergency basis when Twitter is forced to cancel the deal and some partners don’t (unexpectedly) step forward.

Twitter is embroiled in a legal battle with Elon Musk over its efforts to back out of an April deal to buy Twitter shares. The court ordered the trial to begin in October, 2022.

Musk also responded to Twitter’s move. He has filed a counter-suit against the company alleging fraud. In the complaint, Musk said the company misled him about key aspects of the business before he agreed to buy shares of Twitter for US$ 44bn.

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