While the takeover of Twitter is still pending, Elon Musk has his back and collects the funds in the event that justice forces him to honor his commitments.

Posted on 08-12-2022 by Esther Buitekant

Elon wants to avoid selling shares in an emergency

Could the boss of Tesla feel the tide turn? According to a document filed with the US stock market watchdog, the Securities and Exchange Commission (SEC), Elon Musk sold nearly 7 billion Tesla shares between August 5 and 9. This represents a total of 7.9 million Tesla shares. On his Twitter account, the boss of the number 1 electric car indicates that he wanted to “avoid an emergency sale of Tesla shares”, if justice forced him to buy Twitter. If he just has this ‘improbable’ possibility, Elon Musk wants to protect himself in case some of his financial partners fold and refuse to follow him to the end. This sale is a new episode in this saga that began in April when Elon Musk signed a $44 billion deal to buy Twitter. An agreement that the billionaire broke unilaterally in early July, accusing the social network of having lied about the number of monetizable accounts present on the platform. Charges that Twitter has obviously denied.

Justice must decide

Twitter now wants to force Elon Musk to keep his commitments. The latter has meanwhile filed a complaint with the same court in order to be released from the agreement and to order the social network to pay him damages. The five-day trial is due to begin on October 17 before the Delaware Court of Chancery, a court specializing in business law.