Musk disclosed in series of regulatory filings that he unloaded about 8 million shares of his company
“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
Musk is by far the largest individual shareholder in both
Shares of
Musk countersued Twitter last week, accusing the company of fraud over his aborted
Musk alleges that Twitter committed fraud, breach of contract and violation of a securities law in
Musk offered to buy Twitter earlier this year, then tried to back out of the deal claiming the social platform was infested with a larger numbers of “spam bots” and fake accounts than Twitter had disclosed.
Musk said in the spring that he planned no major sales of his stake in
Wedbush raised it's target price for shares of Twitter, “With the chances of a Twitter deal now more likely in our opinion and the Street seeing through this poker move by Musk,” Ives wrote to clients.
“We can also see Musk trying to resolve this powder keg situation before the Twitter deal officially heads to court in October,” Ives wrote. “At a minimum, we see Twitter getting a massive settlement from Musk in the
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source