Elon Musk changes plans, sells $6.9 billion in Tesla shares with Twitter trial looming

Kristen Radtke / The Verge; Getty Images

With so much of the world's richest man's wealth tied up in shares of his electric car company, Musk doesn't want to do anymore for more reasons than just a few subpoenas It is surprising that Musk sold more of his shares over the last few days, since he said he would not sell any more after today.

A count of Musk's activity between August 5th and August 9th shows he sold over 7 million shares. The trial against the social networking site is an explanation for the new plan, according to the reply by the tech mogul.

No further TSLA sales planned after today

— Elon Musk (@elonmusk) April 29, 2022

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

They're going to battle it out in a Delaware courtroom on October 17th after Musk sold those shares to help finance the acquisition ofTwitter. There is no word of a pending settlement and the CEO of the company isn't taking the bait on the challenge. Musk says he has a reason to prepare for the possibility that some equity partners won't come through for the deal. Musk said that he was trying to avoid an emergency sale of the company's stock.

It's not known how investors will react to the news that Musk is done selling, but the price of the shares of the company stayed the same after hours. Musk is selling TSLA stock after he said no more sales will lead the Street to focus on chances of aTwitter deal. The stock sale will cause a lot of discussion on Street.