Elon Musk Sells .9 Billion in Tesla Stock Amid Twitter Litigation

Elon Musk Sells $6.9 Billion in Tesla Stock Amid Twitter Litigation

Elon Musk has sold more than $6.9 billion worth of Tesla shares, according to new filings with the Securities and Exchange Commission released Tuesday.

Why it matters: The sell-off comes weeks after the Tesla CEO offered to withdraw from a $44 billion agreement to buy Twitter and the subsequent legal battle with the tech giant, Musk acknowledged Tuesday night.

What he says: A Twitter user asked Musk if he was “done selling” after his recent Tesla sell-off, to which the world’s richest person replied “yes.”

  • “In the (hopefully unlikely) event that Twitter forces this deal *and* some equity partners don’t go through, it’s important to avoid a fire sale of Tesla stock.” Musk added.

Using the numbers: According to Bloomberg, Musk has sold around $32 billion worth of Tesla stock over the past 10 months.

What’s next: The Twitter trial for his lawsuit against Musk is scheduled to take place in October.

Between the lines: “Street will read through this poker move that the chances of a Twitter deal are now more likely,” the Wedbush Securities analyst tweeted Dan Ive in response to Musk’s Twitter post late Tuesday.

go deeper: The biggest losers from Elon Musk’s Twitter mayhem

Editor’s Note: This article has been continuously updated with new details.