Elon Musk Sells R76 Billion of Tesla Shares Following Viral Social Media Poll
- Elon Musk followed through on a recent Twitter poll he shared by selling $5 billion (R76 618 500 000) of his stock in Tesla
- Musk shared a poll on the bird app asking his followers if he should sell 10% of his shares and his 63 million followers voted in favour of this
- Musk hinted that the proposal came from the debate that the world's richer half tend to avoid paying their taxes
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South African-born billionaire Elon Musk recently sold $5 billion (R76 618 500 000) worth of Tesla Inc.'s stock following a social media poll asking his 63 million followers if he should sell 10% of his stake in the electric-car company.
The businesses shares dropped by approximately 16% just two days after the poll results were in favour of him selling the 10%, it regained ground mid-week. The world's richest person's trust also sold about 3.6 million shares in the car company amounting to about $4 billion.
Musk often creates controversy on Twitter and his poll about selling some of his stake in Tesla created quite the buzz online. He made it seem as though his proposal stemmed from a debate over billionaires avoiding paying taxes.
Source: Getty Images
According to Bloomberg, Musk failed to mention in his posts on Twitter that he has millions of stock options that he needs to exercise before August 2022. Musk's poll sent the stock tumbling and wiped a whopping $50 billion from his nett worth.
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A report by BBC revealed that Musk explained that he does not receive a salary from Tesla as he only has stock in the company.
Social media reacts to Musk's bold decision
@msnadrn wrote:
"First time ever I felt that my vote actually matters."
@Robert_A_Wolfe shared:
"I am astonished at how many folks are buying the "Elon Musk lost a Twitter poll" explanation for him raising $5B in cash by selling some Tesla stock."
Dustin Brown commented:
“He could give me a tesla and use it as a tax write-off Elon Musk.”
Ernie Fletcher added:
”What does he know about the market that we don’t? No one unloads continuous earning stocks on a whim.”
Elon Musk is still the richest man even after losing R759 billion in 2 days, Tesla stocks plummet
In other news about Musk, Briefly News previously reported that space entrepreneur and Tesla CEO, Elon Musk is still the richest man on planet earth despite Tesla stocks taking a plunge by 19% over two days. The stock plummeting saw Musk losing R759 billion.
Telsa's stocks took a plunge after multiple articles, as well as tweets posted by Musk this past weekend and an infamous short-seller, made the headlines.
According to BusinessInsider, Musk asked his followers in a poll on Twitter if he should put up 10% of Tesla stocks for sale to pay taxes. His followers responded by saying 'yes' which resulted in Tesla stocks dropping by 7% on Monday, 8 November.
Saffas joke that Elon Musk qualifies to drink at KONKA with R4.25 trillion nett worth
Briefly News readers gathered online to give subtle and cheeky suggestions as to how Pretoria's own Elon Musk could spend his cash.
Neither the skies nor the roads are safe from this business powerhouse. Musk shook the world with his influence on the electric car and his interest in space travel.
Perhaps Musk's success comes from his South African roots. Mzansi welcomed him back to the rainbow nation by offering him drinks at KONKA in exchange for him taking the reins at the embattled power utility Eskom.
Source: Briefly News
