Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

11 Nov 2021

Elon Musk: Tesla Shares Worth $5 billion Sold after Twitter Poll

The Index Today

Just days after the twitter poll, Elon Musk has sold approximately $5 billion shares, or 10% of his stake on Wednesday. The Tesla CEO managed to sell 3.6 million shares worth $4 billion and an additional 934,000 shares which value at $1.1 billion.

It is estimated that the 4.5 million shares make up around 3% of Elon Musk’s entire holdings in Tesla. A recent twitter poll showed majority of users agreeing to the 10% sale of his stake which caused Tesla shares to drop. According to reports, Tesla stock went down by 12% on Tuesday, putting the company on risky grounds.

The filing stated preplanned transactions could be established by corporate insiders with the help of a trading plan. The sale of shares would cover associated taxes. On the other hand, additional share sales reflected the tech billionaire’s large amount of accumulated wealth reserves which were mostly linked his SpaceX and Tesla.

Mark Arnold, chief investment officer at Hyperion Asset Management in Brisbane said, “But the stock in pretty liquid and its not a huge percentage of total issues shares, so it shouldn’t have that much of an impact. Were quite comfortable with the outlook for the business.” Tesla has lost around $150 billion in terms of value in the market so far. Fidelity brokerage showed that 58% Tesla trade orders were a majority for purchases instead of sales.

Clay pottery with table linens