Elon Musk sells $7 billion worth of Tesla Group shares

Tesla boss Elon Musk has sold nearly $7 billion worth of shares in the automaker, according to the Securities and Exchange Commission (SEC).

Musk, who is in the middle of a legal battle over the takeover of Twitter, sold these shares between August 5 and August 9 at an average price of $869.

In April, the multi-billionaire had already sold $8.5 billion of Tesla shares to prepare for the acquisition of the social network.

Musk said in a tweet that he wanted to “avoid a hot sale of Tesla securities” in case he was forced to buy Twitter.

In the spring, he announced that he wanted to buy Twitter for 44 billion dollars before abandoning this operation of “unfulfilled” legal obligations on the part of the social network. Consequently, Twitter sued the multi-billionaire to compel him to finalize the transaction.

Musk also accused Twitter of “fraud” in the lawsuit over the $44 billion deal he signed to acquire the social network.

In arguments filed in a Delaware state business court, Musk accuses Twitter of lying about the social network’s number of monetizable accounts.

His lawyers accuse Twitter of having “hidden the truth” about the number of 238 million monetizable daily users claimed by the social network.

A trial is due to open on October 17 and last five days.


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