Elon Musk Sells $5 Billion in Tesla Stocks After Twitter Poll

Published November 11th, 2021 - 10:51 GMT
Elon Musk Sells $5 Billion in Tesla Stocks After Twitter Poll
Selling nearly 3.6 million shares in Tesla, which is worth around $4 billion, Musk also sold 934,000 shares for $1.1 billion in a bid to acquire nearly 2.2 million shares in the EV maker at a steep discount, EuroNews reported. (Shutterstock)
Highlights
Musk owns about 170.5 million of Tesla's shares as of June 30 and selling 10 percent of his stock would amount to close to $21 billion based on Friday's closing, according to Reuters.

The TechnoKing of Tesla and CEO Elon Musk has announced the sale of about $5 billion of the EV maker stocks, which translates as roughly 3 percent of his holdings.

The comes just days after he asked his 62.5 million Twitter followers to get their opinion on whether he should sell 10 percent of  his stake in the company.

Musk

Almost 56% of respondents answered that the richest man in the world should sell shares.

Musk owns about 170.5 million of Tesla's shares as of June 30 and selling 10 percent of his stock would amount to close to $21 billion based on Friday's closing, according to Reuters.

Selling nearly 3.6 million shares in Tesla, which is worth around $4 billion, Musk also sold 934,000 shares for $1.1 billion in a bid to acquire nearly 2.2 million shares in the EV maker at a steep discount, EuroNews reported.

This comes in the aftermaths of the TechnoKing vow to sell and donate $6 billion worth of Tesla's stocks to end world hunger, only if the UN agency explained how it will be spent. 

The UN food scarcity official had said to CNN that just 2 percent of Musk's net worth of $311 billion can help solve world hunger. Musk took aim at the World Food Program challenging them in a tweet to back up their claim, promising to sell stocks of his electric-vehicle company.

Since then, Tesla shares have been sliding fell about 9% on Monday morning as investors were spooked by the Twitter poll.

It's worth mentioning that last week, the world’s richest man objected to the $50 billion which he has to pay under a "billionaires tax" proposed by Congressional Democrats, arguing that 'this money would be better spent fueling his mission to Mars'. 

According to StockApps.com data, Tesla has the highest price-to-earnings (PE) ratio among the world's top ten companies by market cap. Like last week, the price-to-earnings ratio of the tech giant hit 473 or seven times more than the second-ranked Amazon. However, the EV giant ranked thirty-eight places on the global PE ratio list.

 

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