Elon Musk, owner of Tesla, has sold another 7.92 million worth shares of the company, which brought in a total of approximately $6.88 billion (£5.7 billion).
According to regulatory filings, the sales occurred after the company’s annual shareholder meeting the previous week.
Mr. Musk claims that he requires the funds in the event that he is compelled to purchase Twitter for $44 billion.
After announcing one month ago that he would back out of a deal to buy the social media platform, the multibillionaire is currently engaged in a legal battle with the company that owns the platform.
According to the six filings that were made with the United States Securities and Exchange Commission, the most recent transactions were conducted on August 5, 8, and 9.
Mr. Musk responded to a tweet someone asking whether he had finished selling Tesla shares with “yes” and added that he needed the money in case he was forced to buy Twitter and was unable to secure some of the funding for the deal. This happened after it became public that the news of the share sale had been made public.
“It is important to avoid an emergency sale of Tesla stock,” he said. “Tesla has a bright future ahead of it.”
When another user asked Mr. Musk whether he would buy Tesla shares again if the Twitter takeover did not go through, he also responded “yes” to that question.
Mr. Musk announced in July that he intended to withdraw his offer to purchase Twitter, which prompted the company to file a lawsuit against him.
The richest person in the world has leveled allegations that the company is concealing information regarding fake accounts.
A judge in the United States decided at the end of last month that the lawsuit that Twitter had filed against Mr. Musk should proceed to trial in October.
Twitter is banking on the possibility that the judge will order Mr. Musk to complete the takeover at the previously agreed upon price of $54.20 per share.
Even though Mr. Musk has filed a countersuit against Twitter, the specifics of that suit have not been made public.
In addition, Twitter announced in July that it had spent $33 million on the potential business partnership between April and June.
It also stated that the number of monthly daily users on its platform had increased to 237 million, but it reported a net loss of $270 million, which was significantly higher than what was anticipated.
In the meantime, Tesla disclosed a month ago that it had sold 75% of its Bitcoin holdings, which were estimated to be worth approximately $2 billion by the end of 2021.
In the previous year, the company made headlines when it disclosed a significant investment in the most valuable cryptocurrency in the world.
Tesla has stated that it has purchased traditional currencies with the $936 million in profits it received from the sale of bitcoins.