Elon Musk to Sell 10% of His Tesla Stock, Twitter Decides

08 Nov 2021 · 3rd Party Analysis

Elon Musk to Sell 10% of His Tesla Stock, Twitter Decides


In Summary:

  • Elon Musk should sell 10% of his Tesla stock, a Twitter poll has decided
  • The amount is equal to $20 billion as Mr. Musk owns about $200 billion worth of Tesla stock

Elon Musk to Sell 10% of His Tesla Shares, Twitter Poll Shows

Elon Musk, Tesla CEO, took to Twitter this weekend to decide if he should sell $20 billion of Tesla stock. More precisely, due to the aggressive appreciation of Tesla as a publicly-traded company, Mr. Musk decided to cool off looming tax talks.

In detail, Elon Musk previously blasted a proposed tax on billionaires which assumed wealthy people should pay taxes on unrealized gains. That would mean any increase in the value of stocks owned but not sold should be reported and taxed.

“Eventually, they run out of other people’s money and then they come for you,” said Mr. Musk on Twitter last month.

In efforts to settle debates over the stratospheric rise of his fortune, he offered to sell 10% of his Tesla stock. On that note, Mr. Musk published a poll on Twitter and asked the broader audience what he ought to do.

Musk is The World’s Richest Person, Worth Over $330 Billion

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.” He continued by saying that he will “abide by the results of this poll, whichever way it goes.”

As it turned out, the Twitter community voted in favor of the chief executive selling 10% of his stock. In other words, the vote concluded with 58% voting “Yes”, while 42% of the voters didn’t back the proposal.

Looking at the numbers, Mr. Musk owns about 21% of Tesla stock. His share is valued at roughly $200 billion. So, a 10% sale of his shares would amount to $21 billion based on Tesla’s current share price of $1,222.

Against this backdrop, Elon Musk is the richest person on earth with a new worth of over $330 billion.

Tesla Stock to Fluctuate at the Opening Bell in New York Today

Looking ahead into the day, traders will be closely watching Tesla stock. While many expect a dip in its share price, others say this would not set the stock back significantly. Regardless, the stock will most likely trade in a highly volatile manner.

In the broader financial market, stocks and pairs are trading fairly flat early Monday. US futures today were relatively unchanged while the US dollar maintained its advantage over other currencies, including the euro.

Bitcoin Near Record, Ether Rallies to a Fresh All-Time High

Early trading action in bitcoin, the original cryptocurrency, sparked strong buying momentum. With this in mind, the price of bitcoin rallied over 4% to reach a daily high of $66,450. In other words, less than 1% from its record high of $67,000.

Ether, on the other hand, also pushed quickly to a fresh record today. The Ethereum token soared to levels above $4,760 per token.

Against this backdrop, the cryptocurrency market continues to paint a largely optimistic outlook as wider adoption accelerates.

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