As known from:
CoinWireICOBenchCoinCodex
Write a Review
Write a Review
Nothing Found
Contains commercial content
TradersBest.com / Elon Musk’s Planned Tesla Stock Sell-off Spooks Market

Elon Musk’s Planned Tesla Stock Sell-off Spooks Market

Publish Date: 08/11/2021

Shares in Tesla dropped by 9% following remarks by Elon Musk that he would be willing to sell off 10% of his stock in the electric car manufacturing company. Musk carried out a Twitter poll that asked his followers whether he should sell his stock and that he would abide by the result. As such, 56.7% of the 3.5 million polled said that Musk should sell up, and shares in Tesla tanked as a result.

The Tesla boss is understood to be willing to offload Tesla stock due to President Biden’s tax reforms that are aiming at billionaires in a bid to fund the new social infrastructure plan. By making ‘unrealized gains’ like stocks part of taxable revenue, Musk has found himself resorting to Twitter to signal his plans.

Musk has yet to announce whether he will abide by the voters’ decision, and his 17% stake in Tesla is currently worth well over $200 billion. Reports indicate that Musk was already planning some kind of stock sale towards the end of the year as he has options that are due to expire in early 2022.

The planned sale will certainly help the reputation of the billionaire due to the fact that the revenue from the sale would be seen as going straight into the tax coffers. Since the poll was announced, Musk took to Twitter to announce that he doesn’t get a cash salary or a bonus and that the only way in which he could pay taxes is to sell stock.

It’s certainly a different approach from how firms usually plan a large sell-off of stock. Ordinarily, such a decision would be done cautiously so as to not spook investors. But with Musk guiding Tesla into becoming one of the handful of trillion-dollar companies in little more than a decade, it’s clear that he is playing by different rules.

Musk’s latest Twitter controversy

This is just the latest outrageous social media caper from Elon Musk. The Tesla CEO has become increasingly trigger-happy on Twitter and the weekend’s 24 hour share-selling poll is just another example of this. Musk had courted plenty of controversy from regulators in 2018 when he tweeted that he had the funding secured to turn Tesla into a private company. Following this, there was an agreement reached with the US Securities and Exchange Commission over how Musk would use the social media platform.

Not that Musk takes to Twitter just to discuss stocks and shares. There has been plenty of criticism over how much power the entrepreneur is wielding on social media. This is because it can take even the most cryptic tweet from Musk to send a cryptocurrency like Bitcoin or Dogecoin spiralling or plummeting in value.

Plus there was even more controversy in 2019, when the South African entrepreneur took to Twitter to call a caver assisting with trapped Thai schoolboys, ‘pedo guy.’ All of which shows that even the world’s richest man is capable of embarrassing himself on social media.

Read Also
Twitter Stock Slides After Elon Musk Drops Plans to Join Board
The share price of Twitter fell by 7.5% following a U-turn from ...
Tesla Stock Soars After Gigafactory Opens in Germany
The stock price of Tesla shot up by 7.9% following the news ...
Sony Stocks Rise Following Electric Car Revelations
The share price of Sony shot up by 3% to 133.75 yesterday ...
Apple Stock Soars Following Electric Car Rumors
Last week saw Apple shares closing at a record high after reports ...
Rivian IPO: Could Rivian be the Next Tesla?
Wednesday sees the long-awaiting initial public offering of Rivian - the hot ...
Latest News
Study: how do finances shape our love life?
Do we find someone less attractive if they're ...
Is FTX Bankrupt? 
The crypto market has seen a drastic change ...
Disney Shares Jump 6% After Positive Earnings Report
A booming subscriber base and the return of ...
Alibaba Posts Flat Revenue Growth But Stock Still Jumps 6%
Chinese ecommerce giant Alibaba posted its first earnings ...
Intel Stock Slumps Over 8% Following Weak Earnings Report
Chip-maker Intel suffered a disastrous end to last ...
Top Forex Sites
Ally Invest
Ally Invest
Ally Invest Review
4.8/5
Webull
Webull
Webull Review
4.6/5
Kraken
Kraken
Kraken Review
4.3/5
Nadex
Nadex Review
3.6/5
Interactive Brokers
Interactive Brokers Review
4.8/5
Receive the latest trading news by email + our free eBook
Crypto eBook EN
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Receive the latest trading news by email + our free eBook
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site