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Tesla CEO Elon Musk sells $7B in shares ahead of Twitter fight

Elon Musk
Posted at 12:53 PM, Aug 10, 2022
and last updated 2022-08-10 15:26:48-04

Billionaire Elon Musk sold off more Tesla shares as he gears up for his court battle with social media company Twitter.

According to regulatory filings with the Securities and Exchange Commission disclosed on Tuesday, Musk sold off nearly eight million shares recently, worth about $7 billion, the Associated Press reported.

CNBC reported that this marks the first time since April that Musk sold off Tesla shares, having sold about $8.4 billion.

News of Musk offloading the shares comes as he prepares for his lawsuit against Twitter, which is set to begin on Oct. 17.

Musk and Twitter agreed in April for the Tesla CEO to acquire the company for $44 billion.

But in July, Musk's lawyers filed a letter with the Securities and Exchange Commission saying that he wanted to pull out of the deal because the social media company was in “material breach” of their agreement.

In the letter, Musk's lawyers said he tried for nearly two months to obtain information about fake accounts on the platform, which he claimed Twitter never provided.