Elon Musk Bolsters Funds By Selling Tesla Shares in Case He Is Forced to Buy Twitter
By Movieguide® Staff
Now that Tesla CEO Elon Musk and Twitter are locked in a legal battle over who will eventually own the social media platform, Musk said that he is prepared for both outcomes.
This month alone, Musk sold $6.9 billion worth of Tesla shares in the event he loses in court and is forced to buy the company.
“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 wrote in a recent tweet.
Yes.
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.
— Elon Musk (@elonmusk) August 10, 2022
Movieguide® previously reported:
Due to Elon Musk’s recent decision not to pursue the purchase of Twitter, the major social media site filed a lawsuit.
The Tesla and SpaceX CEO initially planned to move forward with a $44 billion deal to acquire Twitter. However, Musk turned his back on the company after he alleged the company breached “multiple provisions” from their initial contract.
However, Twitter intends to proceed with the deal and ensure it in a court of law.
“We are committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plan to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” the Twitter Board told People Magazine.
Musk responded to Twitter’s lawsuit in a meme, ironically posted to his Twitter account.
“They said I couldn’t buy Twitter, Then they wouldn’t disclose bot info, Now they want to force me to buy Twitter in court, Now they have to disclose bot info in court.”
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