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Elon Musk explains why he’s selling shares

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Elon Musk explains why he’s selling shares

Tesla CEO Musk disclosed in a regulatory filing Tuesday night local time that he sold about 7.92 million Tesla shares between August 5 and 9, worth about $6.9 billion, making him the world‘s richest man so far. Biggest sale to date.

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Musk said the stock sale was because he needed the cash in case he was forced to go ahead with the Twitter deal.

After disclosing the stock sale, Musk wrote on Twitter late Tuesday: “If (hopefully unlikely) Twitter forces this deal to close and some equity partners don’t come to an agreement, avoid an emergency sale of Tesla. Pulling stocks is very important.”

Asked by fans if he had completed the sale of Tesla stock, Musk replied “yes.”

Another fan asked him if he would buy Tesla stock again if he successfully canceled the Twitter deal, and Musk replied “yes.”

Over the weekend, Musk said on Twitter that if Twitter provided its method of sampling accounts to determine the number of bots and how to confirm they were real, then “the transaction would be on the original terms.”

Musk, 51, has sold about $32 billion worth of Tesla stock over the past 10 months. The reduction began in November last year.

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