Tunisia Tribune (Twitter) – A legal document reveals that Elon Musk sold about 7.92 million Tesla shares worth $6.9 billion between August 5 and 9, 2022. Such a sudden and significant sale of shares did not fail to raise several questions … which the entrepreneur quickly cut off on his favorite social network.
Elon Musk is preparing to be forced to buy Twitter
When on Wednesday, August 10, one of the tweets asked Elon Musk: “Is this all you are going to sell?” Here is his answer: “Yes. In the (hopefully unlikely) scenario where Twitter forces a deal *and* some financial partners back out, it’s important to avoid a hasty sale of Tesla stock.”
Elon Musk originally signed a $44 billion merger deal with Twitter. However, in early July, he told Twitter’s board of directors that it was suspending the takeover due to disagreements over the number of false counts or spamming. For its part, Twitter is still trying to enforce the agreement.
The firm filed suit in a Delaware court that has dealt with similar cases before and even recently forced the defense to comply with terms signed in a very close case. For now, the judgment that will result from this legal brawl remains uncertain.
And we understand, given the particularly large amount of the transaction, that Elon Musk is trying at all costs to prevent the situation from affecting the financial condition of his companies. However, the entrepreneur emphasizes that he will no longer sell Tesla shares and is preparing to buy back the shares if the court gives him grounds.
The lawsuit between Twitter and Elon Musk will take place over several days, starting on October 17, 2022. Twitter is interested in honoring the agreement as soon as possible in order to restore shareholder confidence and reduce the detrimental impact of this soap opera on the company’s market.