Elon Musk, sold $6.9 billion (£5.7 billion) worth of Tesla shares to raise funds in case he loses the legal battle with Twitter and is forced to buy the social media platform.
‘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,’ he said in a tweet late on Tuesday.
In July, the Tesla CEO pulled the plug on his April deal to buy the social media company for $44,000,000,000. The billionaire said that he had made the decision as Twitter had not provided the relevant business information he had requested.
The terms of the deal involved a $1 billion breakup fee if either Musk or Twitter don’t go through with the sale.
Twitter has consequently sued Musk over his failure to complete a purchase deal of the social media website. It had previously said it was ‘confident’ it would win in the courts.
On Monday, the Tesla CEO challenged Twitter’s CEO Parag Agrawal to a public debate on the percentage of bots on the social media platform.
The Twitter v. Elon Musk trial is set to take place from October 17 to 21 and the outcome could very well change a lot of things for the social media giant.
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