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Tesla shares are falling after Twitter users voted for Musk to sell the stock

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A Twitter poll asking Musk’s followers if they should sell the goods received more than 3.5 million votes, and 57.9% of the people voted “Yes”.

Shares of Tesla Inc dropped 7.5% in sales on Monday as investors prepared to sell to their chief Elon Musk about one-tenth of his share in the development of electric cars following his Twitter survey.

Musk, Tesla’s chief executive and the world’s richest man, wrote on Twitter on Saturday that he would reduce 10% of his assets if television users approved the request.

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The share of electric car manufacturers was down 6.2% at $ 1,146.43. Shares recorded in Frankfurt dropped about 7% at 989.10 euros.

A Twitter poll asking Musk’s followers if they should sell the goods received more than 3.5 million votes, and 57.9% of the people voted “Yes”.

Musk has already said he will have to spend more money in the next three months, which could lead to huge taxes. Selling some of his possessions would bring in tax revenue.

“I was ready to accept any results,” Musk said, after the vote. Market participants are expected that speculators may try to run their business.

As of June 30, Musk’s share in Tesla reached nearly 170.5 million shares and a 10% sale would be equivalent to about $ 21 billion compared to Friday’s close, according to Reuters estimates.

In addition to stock options, Musk owns 23% in Tesla, the world’s most valuable automotive company.

In the three months to Nov. 4, a company shareholder at Tesla sold $ 259.62 million shares, excluding shares they had shared in some other way, according to Refinitiv Eikon data.

Musk’s investigation follows a call from Senate Democrats in the US for tax billions and other items that could be sold to fund President Joe Biden’s spending and fill the void that has allowed them to delay income tax indefinitely.

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“The last thing you do when you bring down a big show is reveal your hand,” said Chris Weston, chief research officer at broker Pepperstone in Melbourne.

“Consumers tend to leave when you have such a risk, but this is not a common issue and it is Musk’s way of getting back on the tax base for the elite and making a profit that has not been made.”

Tesla smashed $ 1 trillion in the market last month, becoming the fifth US company to join a club that includes Apple, Microsoft, Amazon and Alphabet.

“Pouring doesn’t take long, because Tesla has a very good track record coming back to these products,” said David Madden, a market analyst at Equiti Capital in London.

Advertisers should also look for any response from commentators on Musk’s Twitter vote. The U.S. Securities and Exchange Commission has ordered Tesla to scrutinize everything Musk communicates with people related to the EV manufacturer, following his 2018 tweet that he “earned money” to secretly sue Tesla for making $ 72 billion.



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