Tesla CEO Elon Musk sold over $1.1 billion on Wednesday shortly after putting up a poll on Twitter. Previously, he had announced that he will be selling 10% of his shares in Tesla based on the Twitter poll.
The poll won with a ‘Yes’ with 57.9%. Musk toiled with options to get 2.2 million shares of Tesla and sold around 934k shares which are around 0.5% of his Tesla’s shares.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
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— Elon Musk (@elonmusk) November 6, 2021
Before selling his shares, he created a Twitter poll for his 62.5 million followers to vote whether he should sell his shares to pay taxes or not. The poll would determine his future in Tesla. Tesla shares fell to more than 15% on Monday and Tuesday after the Twitter poll. Check the full story here. It then jumped to 4% yesterday.
Tesla said that Elon Musk sold his shares to pay the current tax obligations and purchase 2,154,572 shares at $6.24. It was a massive discount from Tesla’s closing share prices of $1,068 the same day. Elon Musk sold his 934,091 shares of Tesla at the price of $1,135.
After the poll, Tesla lost around $150 billion in market value. Retail investors made a net purchase of $157 million on Monday and Tuesday according to a research company Vanda Research.
Tesla has grown more than 51% in 2021. It was possible after the October rally agreed to sell 100,000 vehicles to rental car company Hertz.
Tim Ghriskey, who is a portfolio strategist at an investment management firm in NY, said that the company is doing well and the results won’t fade away quickly.
So, Elon Musk kept his word and sold his shares based on a Twitter poll. A lot of people gave him alternate suggestions as they thought there are many other ways to pay taxes and make good use of shares. Did you vote for Elon Musk’s career-changing decision?
Elon Musk has done pretty exciting things in the past that has gained worldwide attention. He started coming into the news after he was tagged as the richest man in the world. Elon Musk is the founder and CEO of Aerospace company SpaceX. SpaceX was founded by him in the year 2002. The company aims to establish colonisation on Mars.
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