Tesla CEO Elon Musk let Twitter users vote on whether to sell a tenth of his Tesla shares worth around $ 20 billion. Subsequently, the share price rushed down.
After Tesla CEO Elon Musk had Twitter users vote on a large share sale, Tesla shares plummeted on Monday. In pre-market trading, the US electric car manufacturer’s paper was at times more than six percent in the red.
Elon Musk leaves the decision up to Twitter users
Musk had asked in a Twitter poll over the weekend whether he should sell a tenth of his Tesla shares in order to pay more taxes. In the Twitter poll, 57.9 percent of the good 3.5 million votes were cast for the sale of shares.
The package would be worth around $ 21 billion (EUR 18.18 billion) at the previous closing price on Friday. According to calculations by financial service Bloomberg, the package would correspond to 80 percent of the average daily trading volume of Tesla shares.
Discussions about selling shares in September
Musk did not provide any information on how quickly he would sell the block of shares. Long-term schedules are often set for stock sales by top managers. This is to avoid accusations that they use internal knowledge for clever deals. Musk had already spoken about selling stocks at a conference appearance in September because he would need money to pay taxes on stock options due in the coming year.
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
