Elon Musk sells another $6.9bn of Tesla shares, know why

Elon Musk, CEO of Tesla, has sold an additional 7.92 million Tesla shares for approximately $6.88 billion (£5.7 billion).

According to regulatory documents, the sales happened during the company's annual shareholder meeting last week.

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Musk claims he needs the cash in case he is required to pay $44 billion for Twitter.

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After declaring last month that he would back out of an agreement to purchase the social media site, the multi-billionaire is currently locked in a legal spat with it.

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According to six documents filed with the US Securities and Exchange Commission, the most recent transactions took place on August 5, 8, and 9.

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In the meantime, Tesla disclosed last month that it has sold 75% of its Bitcoin holdings, which were estimated to be worth $2 billion at the end of 2021.

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When the corporation revealed a sizable investment in the biggest cryptocurrency in the world last year, it caused a stir.

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With the $936 million from its Bitcoin sales, Tesla claimed to have purchased conventional currency.

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