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Tesla chief executive Elon Musk sold $6.9 billion of his shares in the electric car maker, his biggest sale on record, saying he needs cash in case he is forced to proceed with his aborted deal to buy Twitter. “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 world's richest person tweeted on Tuesday night, after the sales were disclosed in a series of regulatory filings. Asked by followers if he was done selling and whether he would buy Tesla stock again if the $44 billion deal did not close, Mr Musk, 51, said “yes”. The billionaire offloaded about 7.92 million shares on August 5, according to the new filings. READ MORE : https://www.thenationalnews.com/business/technology/2022/08/10/elon-musk-sells-tesla-shares-worth-nearly-7bn/

Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, said its second-quarter net income jumped more than 19 per cent as revenue rose amid a continued fleet expansion programme. Net profit for the three-month period to the end of June rose to $204.85 million, Adnoc Drilling, a unit of Adnoc, said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue for the April-June quarter rose by 11 per cent to $669m, driven by its onshore and oilfield services businesses as the company continued supporting Abu Dhabi’s efforts to increase its production capacity. Net profit for the first six months of the year rose 34 per cent on an annual basis to $379m. Half-yearly revenue increased 13 per cent at the end of June to $1.27 billion. Read More : https://www.thenationalnews.com/business/energy/2022/08/09/adnoc-drilling-second-quarter-net-income-climbs-19-on-revenue-boost/