Musk sells $6.9 billion worth of Tesla shares in preparation for Twitter deal

Elon Musk, Tesla Inc Chief Executive Officer, has sold $6.9 billion worth of shares in the electric vehicle maker.

Musk intends to use the funds to finance a potential Twitter deal should he lose a legal battle with the social media platform.

Musk tweeted that he is trying to avoid an emergency sale of Tesla stock should Twitter force a deal and some equity partners don’t come through.

Musk in early July reneged on his April 25 agreement to buy Twitter for $44 billion.

Twitter has sued Musk to force him to complete the transaction, dismissing his claim that he was misled about the number of spam accounts on the social media platform.

The two sides head to trial on Oct. 17.

Musk also tweeted “yes” when asked if he was done selling Tesla stock, and also said he would buy Tesla stock again if the Twitter deal does not close.

Musk sold about 7.92 million shares between Aug.5 and Aug.9, according to multiple filings.

The latest sales bring total Tesla stock sales by Musk to about $32 billion in less than one year.

Musk also teased on Tuesday that he could start his own social media platform.

When asked by a Twitter user if he had thought about creating his own platform if the deal didn’t close, he replied: “X.com”

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