Elon Musk Sells 7.9 Million Tesla Shares, To Pay Twitter Lawsuits?

Posted on

Elon Musk is rumored to have sold 7.9 million shares of the Tesla Inc company, with this sale Musk managed to make a profit of 6.88 billion US dollars or around Rp. 102.3 (with units of USD Rp. 14,875).

Musk’s sale of Tesla shares coincided with the escalating conflict between himself and Twitter since last July, after the famous billionaire canceled plans to acquire Twitter.

According to his spokesman, Musk canceled the acquisition because Twitter was deemed to have violated a number of regulations such as the use of robotic accounts (bots) and fake accounts (spam). This is the reason why Musk withdrew an offer of cooperation worth $44 billion to buy Twitter.

As a result of the cancellation, Musk is now in danger of getting a lawsuit from Twitter’s boards and must be prepared to pay the cancellation of the acquisition worth 1 billion US dollars, according to the initial agreement that Musk had posted with Twitter.

Although Tesla did not immediately respond to a request for comment regarding the sale of the company’s shares, according to Reuters, the sale was carried out by Musk on August 5-9, precisely after Tesla held its Annual General Meeting of Shareholders (AGM).

This sale is not the first time Musk has done, previously in April Musk also sold Tesla shares worth 8.5 billion US dollars. With the sale, Tesla’s shares are now reduced to 155.04 million shares.

Previously reported, CEO of Tesla Inc, Elon Musk is preparing to face lawsuits and billions of dollars in fines, due to the cancellation of the Twitter acquisition he did unilaterally.

The lawsuit was obtained by Musk after his party said it was withdrawing from the Twitter acquisition on the grounds that Twitter had violated merger rules, where the social media company lacked transparency in providing data information about the number of fake or spam accounts.

This is what makes Musk decide to cancel the plan to buy Twitter shares.

The circulation of information about the cancellation of this acquisition sparked anger from the Twitter board, so they filed a lawsuit against Musk for lying to the company by planning to buy shares on the Twitter platform.

 


Get Code

Leave a Reply

Your email address will not be published.