Tesla Inc (TSLA.O) 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.

"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.

Tesla did not immediately respond to a Reuters request for comment.

Musk, the world's richest person, sold $8.5 billion worth of Tesla shares in April and had said at the time there were no further sales planned. But since then, legal experts had suggested that if Musk is forced to complete the acquisition or settle the dispute with a stiff penalty, he was likely to sell more Tesla shares.

Musk sold about 7.92 million shares between Aug.5 and Aug.9, according to multiple filings. He now owns 155.04 million Tesla shares or just under 15% of the automaker according to Reuters calculations.

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

Tesla shares have risen nearly 15% since the automaker reported better-than-expected earnings on July 20, also helped by the Biden administration's climate bill that, if passed, would lift the cap on tax credits for electric vehicles.

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"

SOURCE: REUTERS 

Islamabad: Humid and hot weather is expected in most parts of the country during the next twelve hours.

However, rain-wind/thundershower is expected in Sindh, Balochistan, Potohar region, northeast and south Punjab, upper Khyber Pakhtunkhwa and Kashmir.

Heavy falls are likely at isolated places in lower Sindh and South Balochistan during the period.

Temperature of some major cities recorded this morning: Islamabad twenty-seven degree centigrade, Lahore twenty-eight, Karachi thirty-one, Peshwar twenty-nine, Quetta thirteen, Gilgit twenty-two, Murree nineteen and Muzafarabad twenty-three degree centigrade. According to Met Office forecast for Indian Illegally Occupied Jammu and Kashmir, partly cloudy weather with chances of rain-wind-thundershower is expected in Srinagar, Jammu, Pulwama, Anantnag, Shopian and Baramulla while partly cloudy with chances of rain, thundershower is expected in Leh.

Temperature recorded this morning:

Srinagar, Pulwama, Anantnag and Baramula nineteen degree centigrade, Leh twelve and Shopian eighteen degree centigrade.

Islamabad: Pakistan Electronic Media Regulation Authority (PEMRA) has issued fresh directives, warning all satellite TV channels of legal action for either running a propaganda campaign or spreading misinformation and disinformation against the state institutions.

According to PEMRA, a trend has been observed on satellite TV channels wherein some of their anchors and analysts are indulged in spreading misinformation and disinformation against the state institutions.

It said such trend on the TV channels tantamount to casting aspersions against state institutions and a planned propaganda campaign against them.

The PEMRA termed the airing of such content a violation of the directives already issued by it.

The media watchdog asked all satellite TV channel licensees to follow the principles laid down in the Constitution and ensure strict compliance to the relevant provisions of PEMRA laws. 

In the meantime, Pakistan Broadcasters Association (PBA) said that it has always supported the freedom of expression and freedom of the media, however, it condemns disinformation against the institutions.