In order to profit from a recent increase in the stock price of the electric vehicle manufacturer, Elon Musk sold $6.9 billion worth of shares of Tesla prior to the court case involving Twitter.
According to a number of regulatory filings with the SEC that were viewed on Tuesday.
The transaction represents the first sale since the CEO of Tesla and SpaceX sold $8.5 billion worth of stock in April, just before Twitter was to be acquired for $44 billion.
In order to better manage Twitter’s demands to finalize the acquisition, he did this to improve his cash reserves.
Musk first embarked on significant stock sales late last year, with a large part of the proceeds from stock option exercises being paid in tax. At the time, he polled his followers on Twitter about whether they wanted him to sell part of his stock and pay tax, before going on to sell about $16.5billion worth of shares.
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