• Elon Musk has sold another 7.92 million shares in the electric carmaker.
• The transactions occurred during the firm’s annual shareholder meeting last week.
• Mr Musk claims he needs the funds in case he is compelled to acquire Twitter.

Elon Musk, CEO of Tesla, has sold another 7.92 million shares in the electric carmaker, valued at around $6.88 billion (£5.7 billion).

According to regulatory documents, the transactions occurred during the firm’s annual shareholder meeting last week.

Mr Musk claims he needs the funds in case he is compelled to acquire Twitter for $44 billion.

The multibillionaire is now locked in a court dispute with the social media site after withdrawing from a plan to purchase it last month.

According to six filings with the US Securities and Exchange Commission, the most recent transactions occurred on August 5, 8, and 9.

Mr Musk reacted to a tweet inquiring whether he had completed selling Tesla shares with “yes,” adding that he needed the money in case he was obliged to acquire Twitter and was unable to get part of the funds for the acquisition.

When asked whether he would purchase Tesla shares again if the Twitter acquisition did not happen, Mr Musk also said “yes.”

Mr Musk announced his intention to withdraw his offer to purchase Twitter in July, causing the firm to sue him.

The world’s wealthiest individual has accused the firm of concealing information regarding fraudulent accounts.

A US court determined last month that Twitter’s case against Mr Musk should go to trial in October.

Twitter expects the court to compel Mr. Musk to finalise the buyout at the agreed-upon price of $54.20 per share.

Mr Musk has filed a counter-suit against Twitter, although the specifics of that claim have not been made public.

Twitter also revealed in July that it spent $33 million on the prospective purchase between April and June.

It also announced an increase in monthly daily users to 237 million, but a net loss of $270 million, which was worse than planned.

Meanwhile, Tesla reported last month that it has sold 75% of its Bitcoin, which was valued at over $2 billion by the end of 2021.

Last year, the corporation made headlines when it announced a significant investment in the world’s largest cryptocurrency.

Tesla said that it purchased conventional currencies using the $936 million revenues from its Bitcoin transactions.

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