Elon Musk Sells $6.9 Billion of Tesla Shares This Week…Does That Have to Do with Bitcoin?
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Answer Elon Musk Sells $6.9 Billion of Tesla Shares This Week…Does That Have to Do with Bitcoin?
Elon Musk, the billionaire CEO of Tesla, one of the most successful electric car makers, has sold 1.2 million shares of TSLA.
Musk dumped $6.9 billion of his company’s stock over the past week, making it one of the largest stock disposals ever by a CEO of any company.
It all started with Musk’s pledge to sell 10% of his Tesla stock to make a point against unrealized gains and tax evasion.
Musk conducted a poll on Twitter asking if he should divest 10% of his company’s shares, with 57.9% voting in favor of the idea and in favor of selling.Read:Report: Over 50 questionable crypto projects built on the Binance blockchain
A lot of unrealized gains have been made lately as a way to avoid taxes, so I’m suggesting selling 10% of my Tesla stock.
Do you support this?
– Elon Musk November 6, 2021
When Musk began dumping Tesla shares earlier this week, the speculation mills were running at full throttle about what he would do with the money he made.
Earlier, “Elon Musk” sold his company shares for tax purposes as he later mentioned in the tweet as well, claiming that he does not get any cash or bonuses, so the only way for him to pay taxes is by selling his shares.
The “Twitter” survey was not good for the market value of “TSLA” shares in dollars, as it fell immediately after the results of the survey appeared, and “Musk” confirmed that he would stick to them.
Musk’s 10% stake in Tesla is about $25 billion, and after this week’s sale, he remains the company’s largest shareholder.
Michael Saylor advises Elon Musk to buy bitcoin from his sales of Tesla shares:
The CEO of Microstrategy, a well-known bitcoin proponent, also takes credit for following Musk and Tesla for their bitcoin purchases.Read:The oldest bank in America now offers Bitcoin and Ethereum safekeeping
Saylor advised Musk to invest his 10% sales proceeds from Tesla stock in bitcoin.
Mike Saylor, CEO of Microstrategy, said:
If the goal is to diversify, an alternative strategy to consider is to shift the TSLA balance sheet to the bitcoin standard and buy $25 billion in bitcoin.
Tesla more than doubled its earnings from buying $1 billion in bitcoin after bitcoin hit an all-time high last week.
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