It’s not enough to cover the deal, but it’s certainly something.
Tesla chief executive officer Elon Musk has sold $6.9 billion worth of shares from the company. He said that such funds could finance his forced Twitter deal if he ultimately loses their legal battle.
READ ALSO: Delete Tweet: The Worst To Expect From Elon Musk Ending His $44B Twitter Deal
“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 tweeted.
The billionaire informed Twitter that he wants to end their $44-billion deal. In response, the social network sued Musk to force him to push through with buying the company.
Twitter board chairman Bret Taylor said the company has filed a lawsuit in the Delaware Court of Chancery to hold Elon Musk “accountable to his contractual obligations.”
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Taylor said.
Musk previously announced on May 13 that the deal was temporarily on hold. This was pending further information on the social network’s spam or fake accounts.
Both Tesla and Twitter shares have since shot up in early trading in light of the controversy.
Musk and Twitter will face off in court on October 17.
Banner Photo by NORAD and USNORTHCOM Public Affairs via Wikimedia Commons.
.jpg){kind=link}