The Tesla CEO sold an excess of 7.9 million shares between August 5 and 9 according to documents filed with the Securities and Exchange Commission website.
Elon Musk has sold these shares when he is facing a battle with Twitter over a $44 billion buyout deal.
“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,” Elon Musk wrote on Twitter on Tuesday.
Twitter filed a case against Elon Musk over his attempt to walk away from the planned buyout of the social media platform. A trial is scheduled to commence in October.
In response, Elon Musk has also filed a counter-suit accusing Twitter of fraud and the social media platform misled him in regards to some aspects of its business before he agreed to buy it for $44 billion.
In April Musk sold Tesla shares valued at $8.5 billion in preparation to finance the Twitter deal. He tweeted that: “No further TSLA sales planned after today.”
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