Mon 08 November 2021:
After CEO Elon Musk sought a Twitter poll about selling 10% of his company’s shares, Tesla stock fell more than 4% in pre-market trading on Monday.
According to official data, Tesla’s stock price was trading at $1,171 per share before the opening bell on the New York Stock Exchange at 8.30 a.m. EDT, down about 4.2 percent from Friday’s close of $1,222 a share.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk, who changed his name to “Lorde Edge,” wrote on Twitter on Saturday.
“Do you support this?” he added, generating a response from over 3.5 million users in a poll, which resulted in 57.9% in favor and 42.1% against his proposal.
“I will abide by the results of this poll, whichever way it goes,” he said.
Musk’s decision comes as the CEO faces a tax bill of more than $15 billion, and most of Tesla’s executives are selling part of their stock to profit on the company’s surging stock price.
“Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock,” Musk wrote in another tweet.
Following the release of record third-quarter earnings and revenue on October 20, Tesla’s market worth surpassed $1 trillion on October 25, and its stock price surged to a new all-time high of $1,243.49 on Friday, giving it a market cap of more than $1.21 trillion.
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