Maja Hitij/Getty ImagesTwitter stock jumped as much as 4% on Wednesday after Elon Musk disclosed that he sold $7 billion worth of stock.Investors see Musk's sale of stock as a sign that his $44 billion buyout deal for Twitter is likely to move forward.Musk tweeted that his sale was "to avoid an emergency sale of Tesla stock" in the event that he loses equity financing for the deal.Twitter stock jumped as much as 4% Wednesday after Elon Musk disclosed in a filing with the SEC that he sold $7 billion worth of Tesla stock over the past few days.Wall Street is viewing Musk's Tesla sale as a positive for Twitter's chances of closing its merger with Musk after a judge ruled that a trial between the two would start in October."The Street and legal experts across the board view Twitter as having a 'strong iron fist upper hand' heading into the Delaware court battle this Fall after months of this fiasco and nightmare playing out since April," Wedbush analyst Dan Ives said in a Wednesday note.
Twitter Climbs As Investors Eye Increased Likelihood Elon Musk Closes His Deal To Buy The Social Media Company After Selling $7
mfox@businessinsider.com (Matthew Fox), Business Insider
Wed, 08/10/2022 - 11:55am
Topics: maja hitij/getty imagestwitter sec wall street musk's tesla october the street delaware fall april wedbush dan ives business insider twitter elon musk musk tesla musk musk's april investors company deal to buy stock billion sale sold wednesday worth jumped disclosed spread price buyout court merger emergency event contract avoid share board equity
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