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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.

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