Elon Musk sells $7 billion worth of Tesla stock as billionaire prepares finances ahead of legal battle with Twitter.
Musk disclosed in a series of regulatory filings that his company, he recently sold about 8 million shares of Tesla Inc.
"If (hopefully unlikely) Twitter forces this deal to close and some equity partners fail to come to an agreement, it is important to avoid an emergency sale of Tesla shares. is," Musk tweeted late Tuesday.
Musk is the largest individual shareholder of both Tesla and Twitter.
Tesla shares rose nearly 2% before the opening bell on Wednesday. Twitter Inc.'s stock has risen 16% in the past. The month in which Mr. Musk's chances of winning a lawsuit in court rose another 3%. He accused Twitter of withholding.
Musk alleges that Twitter committed fraud, breach of contract, and violations of securities laws in Texas, where Musk resides.
Musk made an offer to buy Twitter earlier this year, but rm, who later tried to back out of the deal claiming the social platform, received more "spam" than Twitter revealed. It was infected with bots and fake accounts.
Musk said in the spring that he was not planning a large sale of Tesla shares after preparing the funding for the Twitter acquisition, but Wedbush industry analyst Dan・Ives said Wednesday that "things have changed dramatically."
Wedbush has raised its price target on Twitter shares.
"In October we'll also see Musk trying to resolve this powder keg situation before the Twitter deal officially goes to court," he wrote Ives. . “At the very least, Twitter has a large settlement from Musk, ranging from his $5 billion to his $10 billion, and we see this starting to factor into the stock.”26}