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.

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

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.

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

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.

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

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

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