The billionaire revealed that the decision was due to his current legal battle with social media website Twitter, which is attempting to compel Musk to purchase the company based on an agreement signed earlier in 2022.
Musk responded to a question on Twitter about whether he was finished selling Tesla stock.
“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,” the billionaire said.
Musk was also asked if he would buy Tesla stock if he is not compelled to purchase Twitter and responded: “Yes.”
Twitter is seeking the enforcement of a $44 billion deal for the social media company that Musk made on April 25. The Tesla CEO has sought to pull out of deal.
This is a breaking news story and will be updated.