Elon Musk offloads $6.9 billion in Tesla stock

Elon Musk offloaded $6.9 billion of stock in Tesla, the billionaire's biggest sale on record, saying he wanted to avoid a last minute selloff of the electric-car maker's shares in the event of his aborted deal to buy Twitter.

After U.S. markets closed Tuesday, Tesla's chief executive sold 7.92 million shares on Aug. 5, according to a series of regulatory filings. As speculation mounted over the reason for the disposal, Musk responded to a series of late night tweets, saying that he wanted to avert an emergency sale of stock if he is compelled to complete the $44 billion takeover of Twitter, which he walked away from last month.

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