9 hours ago
photo released, Reuters
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sold Elon Musk, president of Tesla, has another 792 million shares in the electric car maker, worth about $6.88 billion.
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The sale took place after the company’s annual shareholder meeting last week.
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Musk says he needs the money if he is forced to buy Twitter for $44 billion.
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The billionaire is currently engaged in a legal battle with the social media platform, after he said last month that he would withdraw from its purchase.
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The sale took place on August 5, 8 and 9, according to six filings with the US Securities and Exchange Commission.
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After the news of the sale of shares was announced, Musk responded to a tweet asking if he had finished selling Tesla shares with “yes,” adding that he needed the money in case he was forced to buy Twitter and was unable to secure some of the deal’s money.
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“It is important to avoid emergency selling of Tesla shares,” he said.
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Asked by another user if he would buy Tesla shares again if he didn’t take over Twitter, Musk also replied, “Yes.”
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Musk said in July that he intended to walk away from his attempt to buy Twitter, which prompted the company to sue him.
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The world’s richest man accused the company of withholding information about fake accounts.
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Last month, a US judge ruled that Twitter’s lawsuit against Musk should go to trial in October.
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Twitter hopes the court will order Musk to complete the acquisition at the agreed-upon price of $54.20 per share.
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Musk opposed Twitter, although the details of that lawsuit have not been made public.
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Also in July, Twitter said it had spent $33 million on the proposed deal between April and June.
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It also said its daily users rose to 237 million – but posted a net loss of $270 million, which was worse than expected.
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Tesla revealed last month that it shed 75% of its bitcoin, which was worth about $2 billion at the end of 2021.
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The company caused a stir last year when it revealed a major investment in the world’s largest cryptocurrency.
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Its move comes with a drop in the value of the digital currency, which has fallen by more than 50 percent this year.
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Tesla said it bought cryptocurrencies for the $936 million it earned from bitcoin sales.
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Tesla CEO Elon Musk has been among the most prominent advocates of cryptocurrency, and his social media statements have usually led to significant activity in the currency trading.
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