Why Elon Musk Sold Tesla Shares

American entrepreneur Elon Musk sold 7.9 million shares of Tesla for $6.9 billion, according to Reuters.

It is believed that he may use the proceeds to finance a potential deal with Twitter if he loses the legal battle with the social media platform.

Reuters reported that the stock sale occurred several weeks after Musk abandoned the $44 billion acquisition deal for Twitter. The revenue from the sale may be necessary for the businessman if he is forced to complete the transaction.

In mid-July, Twitter filed a lawsuit against Musk. The company aims to compel the billionaire to acquire the social network.