Musk agrees to rebuy Tesla stock if Twitter deal doesn't close

San Francisco

10-August-2022

Photo: IANS

After selling its electric vehicle company shares worth nearly $7 billion, Tesla and SpaceX CEO Elon Musk on Wednesday said that he would repurchase Tesla stock if the Twitter deal did not close.

While being asked by a user on the microblogging platform if he is done selling Tesla stock, the tech billionaire replied affirmatively.

"Yes. In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners do not come through, it is important to avoid an emergency sale of Tesla stock," Musk wrote on Twitter.


Meanwhile, while replying to another user who asked, "if the Twitter deal does not close, will you buy Tesla stock again?" He replied, "Yes".

As per a report, Musk sold 7.92 million company shares worth around $6.88 billion.

Musk's transactions occurred between August 5 and August 9, the US Securities and Exchange Commission (SEC) filings revealed, following Tesla's 2022 annual shareholder meeting on August 4 in Austin, Texas.

Earlier this year, the tech billionaire said on social media that he had "no further Tesla sales planned" after April 28.


That week, SEC filings revealed Musk had been selling a block of shares in his electric car company worth about $8.4 billion. - IANS



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