Musk sells $6.9bn in Tesla shares as battle with Twitter continues

Business

Elon Musk has sold $6.9bn (£5.7bn) of shares in his electric vehicle maker Tesla as his battle against Twitter continues.

Mr Musk sold about 7.92 million shares between 5 August and 9 August, according to multiple filings, meaning he now owns 155.04 million shares in the company.

In April, the world’s richest man announced a plan to buy Twitter for $44bn, but he tore up the agreement in July, sending shares in the tech firm well below the amount he had agreed to pay for them.

At the time, Twitter‘s chairman said the firm was “committed to closing the transaction on the price and terms agreed upon”, and said it would take legal action.

The two sides head to trial on 17 October.

Mr Musk sold $8.5bn of Tesla shares in April, saying afterwards that he was not planning any further sales.

But legal experts have suggested that if he loses his fight against Twitter and is forced to go through with the acquisition or pay a stiff penalty, he might have to sell even more Tesla shares.

More on Elon Musk

The tycoon claims Twitter failed to provide him with enough information concerning the number of fake – spambot – accounts on its site.

And he says it breached its obligations by sacking top managers and laying off a significant number of workers.

Twitter argues Mr Musk is trying to back out because he agreed to pay 38% above Twitter’s stock price just before the stock market fell.

And shares of electric carmaker Tesla, where most of his personal wealth is, lost more than $100bn in value.

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