Ilon Musk has sold Tesla shares for a total of $7 billion over the past few days and has kept 15% of the electric car manufacturer’s shares. Musk has sold Tesla shares several times over the past year, and it’s unclear what will happen to his plan to buy Twitter.
At one point, it seemed impossible that Musk would find financing to buy the social network Twitter for $44 billion, but the billionaire did it, and it seemed like the deal was done. But Musk reversed course and refused, and Twitter sued him in hopes of forcing him to honor his commitments. Complicating matters further, Twitter management and some shareholders were initially adamantly opposed to the takeover.
If the justice system forces Musk to take over Twitter, the money from these shares will be welcome.
In April, Musk sold $8.5 billion worth of Tesla stock in an effort to raise financing for a takeover of Twitter. Then he said that he would not sell anymore. Last year, Musk raised $32 billion from the sale of Tesla shares.
In the past, Musk was not allowed to sell Tesla stock, lest his stake fall so much that he would no longer have maximum influence in the company.
Musk’s fortune is estimated at 250 billion dollars. In mid-July, Twitter sued Elon Musk to force him to fulfill his commitment to acquire $44 billion. The trial will begin on October 17.
Sources: WSJ, Le Figaro
Source: Hot News RO
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