Tesla Inc TSLA CEO Elon Musk said he sold shares of the automaker to avoid an emergency sale in the “hopefully unlikely” event Twitter Inc TWTR forces his buyout deal to close.
What Happened: Musk confirmed that he was done selling in response to a question on Twitter.
The entrepreneur said, “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.”
See Also: How To Buy Tesla (TSLA) Stock
Why It Matters: In July, Twitter sued Musk to force a $44 billion buyout from which the Tesla CEO withdrew claiming insufficient information and materially inaccurate representations.
Tesla reported to the U.S. Securities and Exchange Commission on Monday that Musk sold 7.92 million Tesla shares valued at nearly $6.85 billion, based on Friday’s closing price of $864.51.
Price Action: On Tuesday, Tesla shares closed 2.4% lower at $850 in the regular session and rose 0.2% in extended trading, according to Benzinga Pro data.
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