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Elon Musk Sells $7 Billion in Tesla Stock for Twitter Deal



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Elon Musk, the chief executive of the electric vehicle maker Tesla, has sold about $7 billion worth of the company’s stock, a move he said on Twitter was an effort to raise cash in case he was forced to complete his $44 billion deal to acquire Twitter.The sale of 7.92 million Tesla shares started Friday, Mr. Musk revealed on Tuesday in securities filings, a reversal from his previous statements that he would not sell additional shares to finance the Twitter deal.Mr. Musk signed the deal in April to acquire the social media company only to announce months later his intent to pull out, citing concerns about its accounting of fake users. His hesitancy coincided with a deep plunge in shares of technology companies, including Tesla, the primary source of his wealth.Twitter has sued Mr. Musk to force him to close the deal through a provision of the contract known as “specific performance.” A judge in the Delaware Chancery Court will decide in October whether he must follow through on the acquisition.In a tweet on …

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