In the midst of a contentious legal dispute with Twitter over a $44 billion acquisition offer, Elon Musk reportedly sold roughly $7 billion worth of Tesla shares.
According to records submitted to the Securities and Exchange Commission on Tuesday, the billionaire sold 7.9 million shares of the electric vehicle manufacturer between August 5 and August 9.
“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,” Musk said on Twitter, late Tuesday.
The social networking platform is engaged in a legal dispute with the mercurial Tesla CEO over his attempt to renege on the April deal to purchase the company, and a judge has ordered the trial to start in October.
In response, Musk has launched a countersuit, accusing Twitter of fraud and claiming the social media site deceived him about important parts of its operations before he agreed to a $44 billion acquisition.