Elon Musk sells Tesla shares worth $6.9 billion to help fund potential forced Twitter deal

Elon Musk sells Tesla shares worth $6.9 billion to help fund potential forced Twitter deal

What just happened? Just how sure is Elon Musk that he’ll win the legal battle against Twitter? Given that he sold 7.92 million Tesla shares worth $6.9 billion to help fund any forced deal, the world’s richest man might not feel as confident as he lets on.

Although Musk sits on top of the list of the world’s richest people with a personal fortune of around $250 billion, much of his wealth is in the form of Tesla shares. Multiple SEC filings show he sold about 7.92 million of these shares between August 5 and August 9, worth around $6.9 billion.

Musk said at the end of April that he didn’t plan to sell any more of his Tesla shares after he unloaded $8.4 billion worth that same month, money that was supposed to be used to help finance the Twitter acquisition.

Earlier today, Tesla investor Sawyer Merritt tweeted the SEC forms showing Musk had sold millions more shares and asked the CEO if he was done selling.

“Yes,” replied Musk. “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.” He said in another tweet that he would buy Tesla stock again if the Twitter deal does not complete.

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

Musk previously secured $7 billion from Larry Ellison, Binance, the Qatar state investment fund, Morgan Stanley, and several others to help fund the $44 billion Twitter takeover. He walked away from the deal in early July over his long-running claim that the company lies about the number of fake accounts on the platform. It says there are less than 5%; Musk claims it’s more like 20%.

Twitter and Musk will be heading for a five-day trial on October 17 after the judge granted Twitter’s request to expedite proceedings. It wants to force Musk to complete the deal at the original $54.20 per share price—it’s currently $42.83—or pay a hefty breakup fee. Musk recently said he would be willing to buy Twitter at that price if it showed precisely how it counts the number of fake accounts on the platform. He also challenged CEO Parag Agrawal to “a public debate” on the issue, which the Twitter boss appears to have ignored.

News Related

OTHER NEWS

The Medium TV Series From The Witcher EP Enters Development

Though there's no announced destination in mind for the series adaptation of the game, Netflix is likely a strong possibility. Read more »

Xiaomi Band 7 Pro launched in Europe at 99 euros

Back in July, Xiaomi officially launched the Xiaomi Band 7 Pro in China. Today, the company officially launched this device in Europe and other regions. For the first time in the ... Read more »

Fast Travel Games – Interview and Showcase

One of the most fun areas at EGX 2022 this year was the VR Zone where the awesome Fast Travel Games had several of their upcoming titles being showcased. If ... Read more »

Overwatch 2 Review In Progress - Same As It Ever Was

Overwatch 2 improves upon the core gameplay and characters fans love, but loses some of its predecessor's spirit in the process. Read more »

Need For Speed Unbound Leaks As EA Sets Announcement For October 6

The next Need for Speed game will be unveiled this week. Read more »

Raspberry Pi production remains hamstrung by supply chain issues

In brief: Availability of in-demand consumer electronics including game consoles and graphics cards is much healthier today compared to the beginning of the year but it is not ubiquitous. As ... Read more »

Mob Psycho 100 Season 3 Trailer Teases Romance, Cults, & Broccoli

Studio Bones has finally released the main trailer of Mob Psycho 100 Season 3, featuring a cult-filled world where Shigeo “Mob” Kageyama must decide what to do with his life. ... Read more »

Overwatch 2 Review – Some of the Old, Some of the New

Overwatch 2 on PC Real talk: my feelings and thoughts on Overwatch 2 have definitely been a bit of a rollercoaster ride since the initial beta with Sojourn. Things started ... Read more »

Overwatch 2 review: "Shiny and new, but for who?"

Jump to: Look and feel Battle pass and hero unlocks Early Verdict Overwatch 2 shines and pops with updated graphics and gorgeous new maps, but its deviation from the source ... Read more »

Xbox Game Pass Adds A Plague Tale: Requiem, Chivalry 2, and More in October

Microsoft revealed a new batch of games that will coming to its Xbox Game Pass service for PC, consoles, and the cloud throughout the first half of October 2022. The ... Read more »

How to Use the IMAGE Function in Microsoft Excel

If you want to include an image in Excel, like a company logo or product photo, you can add the image using the Insert tab. But, to keep the image ... Read more »

Review Electrician Simulator

There are certain tasks that only trained individuals should attempt. As such, for many of us, these jobs will always be unobtainable. That is, however, overcome if you love the ... Read more »

Overwatch 2 goes free for all

It took a little while to get moving, but once the original Overwatch managed to see off Battleborn, things really kicked on, with it becoming a hugely popular gaming experience ... Read more »

This PC to phone transfer method is so easy — why didn't anyone tell me about it?

Forget Google Drive! This easy drag-and-drop method is the way Read more »

Overwatch 2 breathes excitement and life into the premier hero shooter – Review

Image via Blizzard Entertainment A lot has certainly happened since the first Overwatch was released in 2016. A pandemic, the rise of battle royales, a lot of departures from the ... Read more »

Dead By Daylight Invades PUBG Battlegrounds And PUBG New State For Halloween

Two PUBG battle royales are about to get spooky. Read more »

Dead Space Preorders Discounted For Xbox Game Pass Ultimate Members

If you’re an EA Play or Xbox Game Pass Ultimate member, you can save 10% on the upcoming title. Read more »

Overwatch 2

Blizzard's shooter sequel is here, but how does it stack up as a follow-up to one of the last decade's best games? Read more »

Overwatch 2 review (PvP) – Blizzard FPS doesn’t bring the cavalry

Our Overwatch 2 review dives into the new and improved PvP side of Blizzard’s iconic FPS game, which simply feels too familiar to inspire excitement Read more »

New The Midnight Club Clip Brings The Jump Scares

The ten-episode series premieres on Netflix on October 7. Read more »

Microsoft Exchange under 0-day attack, hundreds of thousands of servers at risk

In a nutshell: A couple of new security vulnerabilities are threatening more than 200,000 Exchange servers worldwide. The culprits, likely Chinese-based, are trying to spread a remotely-controlled encrypted backdoor. Microsoft ... Read more »

New Tomo-Chan Is a Girl! Trailer Shows Off its Zany Cast

The Tomo-Chan Is a Girl! anime has received a fresh new trailer, and it offers snippets of each character from the cast in action. Streamed by Crunchyroll on Oct. 4 ... Read more »

New Valorant ‘Crimsonbeast’ Weapon Skin Bundle Has Fiery Design & Thor-Like Hammer

Riot Games is tempting you to unleash your inner beast with its next premium weapon skin bundle. It’s called Crimsonbeast, and it was unveiled today in tandem with news of ... Read more »

Folding Phone Shipments to Explode by 2026 Driven by Samsung Galaxy Fold Devices

According to the IDC, Samsung Galaxy Fold smartphones will drive massive growth in the folding phone market in the coming years. Read more »

How to Enable or Disable Smooth Scrolling in Google Chrome

Having trouble with Chrome browser instability with animations like smooth scrolling switched on? You can switch it on or off in Chrome using this guide. If you scroll through the ... Read more »

Add 1TB To Your PS5 Storage For Just $100

This is currently one of the cheapest ways to expand PS5's internal storage. Read more »

Dead Space Remake Trailer Shows Gameplay For The First Time

EA releases the first Dead Space remake trailer, and it looks good. Read more »

Fortnite Chapter 3 Season 4 Super Level Styles Include New Colors For Spider-Gwen

The new styles were revealed as part of the Fortnite 22.10 patch. Read more »

James Bond Producer Gives Update On Next 007 Search, Shares What Audition Is Like

The search has not yet officially begun, but fans can now better understand what they're looking for. Read more »

Remo Recover review

Loads of features and great performance – but at an intimidating price Read more »

Hands on: Xiaomi 12T review

The best phone for gamers on a budget? Read more »

Change the Default iPhone Camera App with This Shortcut Automation

Apple Apple doesn’t let you change the default iPhone Camera app, at least officially. But a clever little hack to switch to your preferred camera app in Shortcuts means you ... Read more »

How Speed Up Microsoft Edge browser on windows 10 (Updated)

Did you notice Windows 10 default browser, Microsoft edge very slow to respond, not responding to clicks or takes more than a few seconds to load websites? these tips may help speed it up.  Read more »

USB-C on iPhone required by 2024 in Europe — can Apple get out of it?

We've been burned by promises of a USB-C iPhone before Read more »

United States and United Kingdom Debut New Data Sharing Agreement

The United States and the United Kingdom have introduced the Data Access Agreement to share data between the countries. Read more »

Lost Ark Will Receive Two New Classes And Four New Raids Before The End Of 2022

The release of the Reaper and Summoner advanced classes will bring the class roster for the global version of Lost Ark up to speed with the Korean version. Read more »

Destiny 2 Patch Addresses Its Frustrating Season Of Plunder Weapon-Crafting Issue

A Deepsight bug has been fixed, and you can now focus specific seasonal weapons to receive Deepsight-modded versions. Read more »

9 Tips to Customize the Call Background on Samsung Galaxy Phones

All smartphones allow you to set a contact picture, which will show up next to the contact’s name when you receive or make a call. But Samsung goes a step ... Read more »

Scammers Are Selling False Microsoft Exchange Exploits on GitHub

Scammers are creating GitHub repositories to sell fake exploits for two Microsoft Exchange Server zero-day vulnerabilities. Read more »

Herman Hulst Drops an Interesting Hint About the Future of Live-Service Games on PlayStation

In an interview with French YouTuber Julien Chièze, PlayStation’s Head of Worldwide Studios Herman Hulst had surprising information to share regarding live-service PlayStation games. While right now it is just ... Read more »
Breaking thailand news, thai news, thailand news Verified News Story Network