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BREAKING: Elon Musk sells nearly 8 million Tesla shares in anticipation of being forced(?) to buy Twitter
Posted by: Carnos Jax
Date: August 10, 2022 12:47AM
[twitter.com]

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Sawyer Merritt via Twitter
BREAKING: Elon Musk has filed a total of six Form 4s with the SEC tonight showing that he sold 7,924,107 $TSLA shares worth about $6.9 Billion.

Weighted average price was $869.09.

The sales took place on August 5th, 8th and 9th.

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Twitter dialogue between Merritt and Musk
Sawyer Merritt: are you done selling?

Elon Musk: Yes. 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.




I thought it was neither in Twitter or Musk’s interest in closing this deal, and so both would come to an agreement to end this (albeit with a well deserved penalty for Musk).


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Carnos Jax’s bro
Wow. I’m shocked. Some were speculating this, but I didn’t think it was true. But definitely explains the crazy price action last few days. The Twitter overhang continues. I guess he thinks he’s going to lose the case and be forced to buy Twitter, and he can’t get enough outside investors. As I said from beginning, a cluster #%#% of epic proportions.

This is ultimately good news (going forward). Though I disagree with the whole Twitter debacle, I think what he did with this stock sale was correct. A good precautionary step in case forced to buy and get in front of any short sellers that would front run his sales if he was forced to sell at a later date.
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Re: BREAKING: Elon Musk sells nearly 8 million Tesla shares in anticipation of being forced(?) to buy Twitter
Posted by: JoeH
Date: August 10, 2022 03:10AM
Forced to pay for Twitter or needs the cash to pay the cancellation fee involved in the acquisition agreement. Musk is doing a lot of damage to his case by making allegations that he may not be able to prove in court. Twitter will probably at least get damages assessed, or Musk will be required to go through with his $45 billion offer. His best approach would be to shut his mouth and let his lawyers negotiate a way out, but that is something he appears unable to do.
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Re: BREAKING: Elon Musk sells nearly 8 million Tesla shares in anticipation of being forced(?) to buy Twitter
Posted by: ztirffritz
Date: August 10, 2022 06:50AM
Twitter still hasn’t provided information to prove/disprove the rate of bots and fake accounts on their platform. So Musk will be on the defensive until the court case forces Twitter to provide the actual data. At that point he’ll likely either buy Twitter or get out of the deal entirely. He won’t bail on it with a penalty.



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Re: BREAKING: Elon Musk sells nearly 8 million Tesla shares in anticipation of being forced(?) to buy Twitter
Posted by: Lux Interior
Date: August 10, 2022 08:27AM
I thought it was just to pay for all his kids.
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Re: BREAKING: Elon Musk sells nearly 8 million Tesla shares in anticipation of being forced(?) to buy Twitter
Posted by: JoeH
Date: August 10, 2022 09:41AM
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ztirffritz
Twitter still hasn’t provided information to prove/disprove the rate of bots and fake accounts on their platform. So Musk will be on the defensive until the court case forces Twitter to provide the actual data. At that point he’ll likely either buy Twitter or get out of the deal entirely. He won’t bail on it with a penalty.

That is Musk's claim, more specifically that it was not enough information for him to consider it accurate. Twitter has provided information that shows how it made its determination, Musk used an entirely different method using a site that is problematic and even says its estimation of what is a bot may be incorrect. Notably some days it rates Musk's Twitter account as likely being a bot - 4/5.
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Re: BREAKING: Elon Musk sells nearly 8 million Tesla shares in anticipation of being forced(?) to buy Twitter
Posted by: anonymouse1
Date: August 10, 2022 01:21PM
The deal doesn’t require Twitter to do that.
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JoeH
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ztirffritz
Twitter still hasn’t provided information to prove/disprove the rate of bots and fake accounts on their platform. So Musk will be on the defensive until the court case forces Twitter to provide the actual data. At that point he’ll likely either buy Twitter or get out of the deal entirely. He won’t bail on it with a penalty.

That is Musk's claim, more specifically that it was not enough information for him to consider it accurate. Twitter has provided information that shows how it made its determination, Musk used an entirely different method using a site that is problematic and even says its estimation of what is a bot may be incorrect. Notably some days it rates Musk's Twitter account as likely being a bot - 4/5.
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