Musk sells huge Tesla shares, anticipating forced Twitter deal
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Elon Musk shocked the business world Tuesday selling $6.9 billion worth of shares in the electric vehicle maker, Tesla Inc.
Reuters reported Musk as saying the funds thus generated would be used to finance a potential Twitter deal in the event of his failing in the legal battle with the social media platform.
He tweeted to say that in the hopefully unlikely event of Twitter forcing this deal to close, and some equity partner would not come through, it is important to avoid an emergency sale of Tesla stock.
After making the move to buy Twitter, Musk decided against it ending his agreement for buying the social media platform for $44 billion.
A disgruntled Twitter hauled Musk to court in its move to complete the transaction which Musk is fighting now.
At the time of withdrawing from the deal, Musk said he was misled about the number of spam accounts on the social media platform.
The world's richest person sold $8.5 billion worth of Tesla shares in April, according to the report.
Back then Musk said there were no further sales planned.
Legal experts already said that Musk was likely to sell more Tesla shares if he was forced to complete the buy or settle the dispute with penalty.