Massive Share Sell-Off
Elon Musk has recently decided to lighten his Tesla stock load by offloading shares worth a staggering $1.1 billion. The United States Securities and Exchange Commission filings confirm the sale of over 934,000 shares at an average price of around $1,170.
Why Now?
This isn’t Musk’s first rodeo, but it’s the most significant transaction since Tesla’s IPO in 2010. Having gained nearly 180% on this investment over the past year, it’s like selling your ex’s favorite couch—you finally got rid of what was weighing you down!
The Poll That Sparked the Sale
In a tweet that sent shockwaves through the Twitterverse, Musk polled his 63 million followers on how they felt about him selling 10% of his Tesla holdings. With 3.5 million responses, 58% were all for it. Now, don’t get too excited; he only sold a smidge of what he owns (less than 1% of his total hold). It seems his ‘I swear I’m not broke’ moment is still intact with over 170 million shares still in his hands!
Quote from The Poll
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?
Tax Strategy or Market Influence?
After the poll, Musk expressed his reasoning: “I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.” Talk about financial gymnastics; that’s a move meant for reality TV! Interestingly, just days post-poll, Tesla’s stock dipped about 16%, reflecting the potential fallout of Musk’s announcement.
Crypto Speculations and Future Plans
As Musk sells his Tesla shares, the crypto world is abuzz with speculation about what he might do with the cash. Some are dreaming of a Bitcoin splurge, daydreaming of him becoming the world’s first trillionaire. Michael Saylor, the CEO of MicroStrategy, even suggested that Musk should shuffle Tesla’s balance sheet into a Bitcoin standard.
Current Tesla Holdings
For the Bitcoin believers, it’s worth noting that Tesla currently owns 43,200 BTC, valued at an impressive $2.79 billion. If Musk took this leap, it would definitely create a stir in both the stock and cryptocurrency markets!
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