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Musk sells nearly $7 billion in Tesla stock amid legal battle on Twitter

Musk sells nearly $7 billion in Tesla stock amid legal battle on Twitter

Tesla CEO Elon Musk attends the opening ceremony of the Tesla Shanghai Gigafactory in Shanghai, China, January 7, 2019. REUTERS/Ali Song

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Aug 9 (Reuters) – Tesla Inc (TSLA.O) CEO Elon Musk has sold $6.9 billion worth of stock in the electric car maker, tweeting that it’s important to avoid an emergency sale of Tesla stock amid a legal standoff with Twitter Inc (TWTR.N) More than $44 billion acquisitions.

Musk, the world’s richest person, had said in April that “there are no further plans for TSLA sales” — having sold $8.5 billion worth of stock in the company at the time.

But legal experts note that if Musk loses his battle against Twitter and is forced to complete the takeover or pay a stiff fine, he could be forced to sell more Tesla shares.

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Musk tore up the April 25 agreement to buy the social media platform and the two sides face a drawn-out legal battle that could cost Musk billions of dollars. The two sides will be tried on Oct. 17.

In his latest stock sale, Musk sold about 7.92 million shares between August 5 and August 9, according to multiple filings. He now owns 155.04 million shares in Tesla.

The latest sales brought Musk’s total stock sales to about $32 billion in less than one year.

Additional reporting by Hyungo Jin in San Francisco and Akrit Sharma in Bengaluru; Additional reporting by Shivam Patel. Editing by Edwina Gibbs

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