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 

California: A small plane made a crash landing and burst into flames on the 91 Freeway in Riverside County in a dramatic incident that was captured on video. 

Video footage has captured the intense moment when a small plane crash-landed in the middle of a US highway, hitting a truck full of people before bursting into flames.

As per the video clip, the plane nosedived and swerved towards the ground, narrowly missing incoming cars, and then leaving a trail of fuel and fire as it slid toward the sound barrier.

DRAMATIC VIDEO: Plane crash-lands in traffic on 91 Fwy, Riverside Co. -- and no one is hurt!https://t.co/sJdMDLmDPZ

— Alicia Zoumas (@AliciaZoumas) August 9, 2022

Firefighters were called to put out the fire and parts of the highway were temporarily closed.

The pilot claims to have experienced possible engine failure around 12:30 p.m. between Lincoln and Main Avenues.

Once the plane landed it caught fire, but crews managed to quickly put it out. The plane also collided into a pickup truck, but fortunately, nobody was injured in the crash. 

The exact cause has not yet been determined. 

Meanwhile, the Federal Aviation Administration issued the following statement:

"An unidentified small plane landed on the eastbound 91 Freeway near Interstate 15 in Corona, Calif., around 12:30 local time today. Two people were on board. The FAA will investigate. The agency does not identify people involved in aircraft accidents or incidents."

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.