According to legal documents released on Tuesday, Elon Musk has sold over $7 billion worth of Tesla shares amid a high-stakes legal dispute with Twitter over a $44 billion buyout bid.
Approximately 7.9 million shares were sold by the Tesla CEO between August 5 and August 9, according to documents posted on the Securities and Exchange Commission’s website.
“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, the world’s richest man wrote on Twitter late Tuesday.
The erratic Tesla CEO and Twitter are engaged in a court dispute over his attempt to renege on the April agreement to purchase the company. A judge has decided that the trial will start in October.
In a countersuit, Musk has charged Twitter with fraud and claimed that the social media site misled him about important aspects of its operations before he consented to a $44 billion takeover.
The move comes after Musk sold around $8.5 billion worth of shares in the electric carmaker in April as he was preparing to finance the Twitter deal. He tweeted at the time: “No further TSLA sales planned after today.”