Wednesday newspaper round-up: Elon Musk, stealth raid, EDF

Elon Musk has sold $6.9bn (£5.7bn) worth of shares in Tesla after admitting that he could need the funds if he loses a legal battle with Twitter and is forced to buy the social media platform. The Tesla CEO walked away from a $44bn deal to buy Twitter in July but the company has launched a lawsuit demanding that he complete the deal. A trial will take place in Delaware in October. – Guardian

Businesses and even consumers could face blackouts this winter under government crisis plans as concerns grow over power supplies, it has emerged. Under the government’s latest “reasonable worst case scenario”, officials believe the UK could experience blackouts for several days in January if cold weather combines with gas shortages to leave the country short of power. – Guardian

Families will pay an extra £30bn a year in tax as soaring inflation drags millions of people into higher income tax bands, according to a leading think-tank. Rising prices and former chancellor Rishi Sunak’s freeze on tax thresholds has left workers facing a stealth raid on their earnings, the Institute for Fiscal Studies (IFS) said. – Telegraph

EDF is suing the French government for €8.3bn (£7bn) after Emmanuel Macron forced the nuclear giant to sell energy at a loss. The company has filed a compensation claim with the Conseil d'Etat, the French administrative supreme court, over “losses incurred” as a result of a price cap extended in January. – Telegraph

The number of used cars sold fell by nearly a fifth in the second quarter as the supply issues that have put the brakes on the new car market finally hit the availability of second-hand vehicles. Figures out today from the Society of Motor Manufacturers and Traders showed a 18.8 per cent fall in the second quarter of 2022, with 1,759,684 transactions. Some 407,820 fewer vehicles changed hands compared with the same period last year. – The Times