Elon Musk, the world’s richest man and the Chief Executive Officer of Tesla is amid a legal battle with Twitter over a $44 billion takeover deal.
In order to avoid an emergency sale of Tesla, Musk sold $6.9 billion of shares in the electronic vehicle making company.
After he had sold $8.5 billion worth of shares in April, he had said that he did not plan to sell any more shares of his company. Elon Musk now owns 155.04 million shares of Tesla.
Musk had planned to buy the social media platform Twitter but he backed out of the deal on 15th April, 2022. Since then, the two companies have been in a legal battle, which could still cost Musk billions of dollars. The two sides will go on trial on 17th October of this year.
Legal experts say that if Elon Musk loses against Twitter, and is forced to finish buying the company or even pay stiff penalty, he might have to sell more shares of Tesla.