Elon Musk sells $6.9 billion of Tesla stock ahead of Twitter legal battle
Why it matters: The selloff comes weeks after the Tesla CEO's bid to withdraw a $44 billion agreement to buy Twitter and ensuing legal battle with the tech giant, something Musk acknowledged on Tuesday night.
- Less than four months ago, Musk said he didn't plan to sell any more Tesla shares after offloading $8.5 billion of stock following the Twitter deal.
What he's saying: A Twitter user asked Musk if he was "done selling" after his latest Tesla selloff, to which the world's richest person replied: "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," Musk added.
By the numbers: Musk has now sold some $32 billion in Tesla stock in the past 10 months, per Bloomberg.
Between the lines: "Street will read through this poker move that chances of Twitter deal more likely now," tweeted Wedbush Securities analyst Dan Ives in response to Musk's Twitter post late Tuesday.
Editor's note: This article has been updated with new details throughout.