Musk has unloaded about eight million shares in recent days, as revealed in a series of regulatory filings.
“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,” Musk tweeted late on Tuesday.
Musk is by far the largest individual shareholder in both Tesla and Twitter. Shares of Tesla rose almost 2 per cent before the opening bell on Wall Street on Wednesday.
Shares of Twitter, meanwhile - already up 16 per cent in the past month, with most observers believing that Musk faces long-shot odds of success in court - jumped another 3 per cent.
Musk countersued Twitter last week, accusing the company of fraud over his aborted $44bn (£36.4bn) acquisition. He claims that Twitter held back critical information and misled his team about the size of its user base.
Musk alleges that Twitter committed fraud, breach of contract and violation of...