Tesla CEO Elon Musk is such a huge Twitter user that he is now making important decisions like selling his shares based on his followers’ wants.
Elon Musk asked his 63 million followers on Twitter whether he should sell his 10% stake in Tesla. The majority of his followers voted yes for Musk to proceed and sell his shares.
Announcement Before Sale Causes Tesla Shares to Plummet
Billionaire Elon Musk must not have predicted the effect of the poll’s outcome on Tesla shares. Two days after it was Elon Musk’s impending sale, Tesla shares plummeted by close to 16%. It seems investors were rushing to sell their shares before Elon Musk did.
Granting the wishes of his followers, Elon Musk proceeded to sell his Tesla shares. The financial filings of Wednesday evening revealed that Musk sold nearly $5 billion in Tesla stock, and billionaire Elon Musk remains with more than 166 million shares after this sale.
The financial listing elucidated that Elon Musk’s trust sold over 3.5 million shares in trades carried out on Tuesday and Wednesday. Moreover, the trades appear to be unscheduled, considering they were not marked as 10b5.
It is worth noting that Elon Musk’s impending sale would have been 17 million shares as this was the 10% when he made the poll. However, because of the drop in share value after his announcement on Twitter, Elon has only sold 37% of the 17 million. If Elon is committed to fulfilling his pledge, he will need to sell about 10 million more shares.
Sale Proceeds Go into Setting Elon Musk’s Income Taxes
As soon as Tesla CEO Elon Musk put up his poll, the crypto community went wild with possibilities of where the money from the sale would go to. The Doge community is hopeful Elon will acquire more of the meme coin, considering it is his favourite.
The truth, however, to the disappointment of the crypto community is that the proceeds from the sale are going into settling billionaire Elon Musk’s hefty income taxes. In 2016, Elon made another sale for income taxes as well.
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