Updated Aug 10, 2022 - Economy

Elon Musk sells $6.9 billion of Tesla stock ahead of Twitter legal battle

Rebecca Falconer

CEO of Tesla Motors Elon Musk speaks at the Tesla Giga Texas manufacturing "Cyber Rodeo" grand opening party on April 7, 2022 in Austin, Texas. — Tesla CEO Elon Musk in Austin, Texas, in April. Photo: Suzanne Cordeiro/AFP via Getty Images

Elon Musk sold more than $6.9 billion in Tesla shares, according to new filings with the Securities and Exchange Commission published Tuesday.

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.

What's next: Twitter's trial for its lawsuit against Musk is due to take place in October.

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.

Go deeper: The biggest losers from Elon Musk's Twitter chaos

Editor's note: This article has been updated with new details throughout.

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Elon Musk sells $6.9 billion of Tesla stock ahead of Twitter legal battle

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