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Elon Musk sells nearly $7 billion US in Tesla shares ahead of Twitter battle

Elon Musk sold nearly $7 {2.8} billion worth of Tesla stock as the billionaire settled his finances ahead of a legal battle with Twitter.

Musk has disclosed in a series of regulatory filings that he has sold nearly 8 million shares of his company, Tesla Inc., in recent days. .

"If Twitter forces a termination of this deal and some of the equity partners fail to come to an agreement (which is hopefully unlikely), an emergency sale of Tesla shares could be avoided. It's important," Musk tweeted late Tuesday.

Musk is by far the largest individual shareholder in both Tesla and Twitter.

Tesla shares rose nearly 2 percent before Wednesday's opening bell. Shares of Twitter Inc. have risen 16% in the past month, and he's also up 3%, among those who most believe Mr. Musk has a very good chance of winning in court. has risen.

Musk tried to withdraw the offer he made to buy Twitter.

accused of fraud. He claimed Twitter hid important information and misled the team about the size of its user base.

Musk alleges that Twitter committed fraud, breach of contract and violation of securities laws in Texas, where Musk lives.

Musk earlier this year said he offered to buy Twitter, but social his platform is infested with more "spambots" and fake accounts than Twitter revealed. tried to withdraw the acquisition.

Musk said this spring he had no plans to sell a large portion of his Tesla stake after preparing to raise money to buy Twitter, according to industry analysts at Wedbush. , Dan Ives, said Wednesday that "things have gotten worse." has changed dramatically.

Wedbush has raised its price target on Twitter stock. "In our opinion, a Twitter deal is more likely and Street sees through Musk's poker move," he wrote Ives to a client.

"In October we will also see Musk trying to resolve this powder keg situation before the Twitter deal officially goes to court," he continued Ives. "At the very least Twitter has a large settlement from his Musk ranging from his $5 billion to his $10 billion and this is starting to factor into the stock."