The Tesla CEO sold nearly eight million shares between Aug. 5 and Aug. 9. He said the transaction would help “avoid an emergency sale of Tesla stock” if he’s required to follow through on the US$44-billion deal to buy Twitter. (The Logic)
Talking point: Musk said he was done offloading Tesla stock in April after selling US$8.4 billion worth of the asset to help finance his Twitter takeover. He’s since become embroiled in a legal battle with the social media platform for reneging on his purchase agreement, citing lack of transparency over the number of spam bots on the site. The recent stock selloff is a rare admission that Musk might have to uphold his end of the deal. The two parties will argue their case in a Delaware courtroom in October.
