Tesla Inc chief Elon Musk said on Saturday he would sell about 10% of his stake in the company, based on votes on his Twitter poll asking users of the social media network whether he should sell his shares. About 58% voted 'Yes'.
SpaceX founder and Tesla CEO Elon Musk looks on as he visits the construction site of Tesla's gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021. REUTERS/Michele Tantussi/File Photochief Elon Musk said on Saturday he would sell about 10% of his stake in the company, based on votes on his Twitter poll asking users of the social media network whether he should sell his shares. About 58% voted "Yes".
"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," Musk said in a tweet, adding he does not take cash salary or bonus "from anywhere", and only has stock. Musk has previously said he would have to exercise a large number of stock options in the next three months that would create a big tax bill. Selling some of his stock could free up funds to pay the taxes."Whenever the dust settles, people always step back in, given the number of times in the grand scheme of things this company has had fairly large pullbacks."
"While selling stakes will have an immediate impact, the important bit here is the reason for selling stakes which is tax purposes and the market is not too rattled with this reason since there is absolutely no reason to believe that the company is not doing well.""A large share sale always has the potential to disrupt a company's share price, a simple consequence of supply and demand.
"Investors may look at the situation and try and sell before he does, potentially then buying back at a lower price if they still liked the stock. It's also an open invitation for short sellers to place a bet that the shares will fall, generating a profit for them if the stock does decline in price.""You could say he just wants to sell some stock now because the valuation has rocketed lately, cash out while the going is good.
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