Tesla Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform, Reuters reports.
“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,” he said in a tweet late on Tuesday.
Musk in early July tore up 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 as buyer’s remorse in the wake of a plunge in technology stocks. The two sides head to trial on Oct. 17.
“Street will read through this poker move that chances of Twitter deal more likely now,” Dan Ives, an analyst at Wedbush Securities, tweeted.
In other comments on Twitter on Tuesday, Musk said “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.