Elon Musk sells nearly $7B in Tesla shares as Twitter legal battle rages on

Musk's Tesla shares sale comes as he prepares to go to court in October over his $44 billion Twitter takeover deal

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Elon Musk has sold more Tesla shares worth nearly $7 billion, according to regulatory filings.

Tesla's CEO sold 7.92 million shares in the electric vehicle maker, months after announcing he wasn't going to sell any more shares.

Musk indicated in a tweet response that the share sale was done in case some financing fo the purchase of Twitter was needed.

Elon Musk next to a Tesla sign in a photo illustration

Tesla CEO Elon Musk alongside the electric automaker’s logo. (Getty Images/AP / Getty Images)

Musk sold around 7.9 million shares between Friday and Tuesday, the disclosures show.

Musk still has a 15% stake in the company. In all, he owns 155.04 million shares in Tesla.

The Tesla CEO went on a selling spree in April as he was lining up financing for his $44 billion purchase of Twitter, which he has attempt to retreat from since July.


In April, Musk tweeted, “No further TSLA sales planned after today.”

Elon Musk's twitter profile

Elon Musk’s Twitter profile displayed on a computer screen and Twitter logo displayed on a phone screen. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)

This past weekend, Musk said the deal to buy Twitter may still go ahead, if the details on the social media platform's actual user accounts can be confirmed.

Musk wants to know how many are ‘spam bots’ and how many are real people.


Musk has accused Twitter of misleading his team about the true size of its user base and other problems he said amounted to fraud and breach of contract.

Twitter San Francisco

A sign is pictured outside the Twitter headquarters in San Francisco. (AP Photo/Jed Jacobsohn / AP Newsroom)

Twitter sued him last month to complete the acquisition and Musk counter sued.

Ticker Security Last Change Change %
TSLA TESLA INC. 850.00 -21.27 -2.44%

The two sides are headed to a trial on October 17 in a Delaware court.

Tesla shares have risen nearly 15% since the automaker's July 20 better-than-expected earnings report.

Reuters contributed to this report.

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