Spring Silver: Shares of Tesla closed on Monday fell nearly 5% after CEO Elon Musk says he will sell 10% of its holdings in the electric car – more than $ 20 billion worth of most of the calculations – based on the results of a poll conducted on Twitter during the week.
According to analyst Daniel Ives of Wedbush Securities, Musk has about 23% stake in Tesla and has about $ 10 billion in taxes that would come to the stock options vest next summer.
Most of the wealth is held in stock Musk of Tesla, who do not pay salaries in cash.
“I just have stock, so the only way for me to pay personal taxes is to sell shares,” Musk tweeted.
Many on Wall Street assumes Musk will sell close to 5% of its shares, Ives said, but even doubling that number was not causing tremendous concern.
Ives says it’s better to “rip the band-AID now” and avoid speculation.
“Tesla remains in pole position to encourage EV adoption curve to the next level both domestically and globally with Musk & Co.
led,” ives wrote in a note to clients.
Tesla has rolled over.
On Friday, the stock has gained more than 40% since last month when the company announced record profits for the third quarter.
Last week, Tesla shares reached an all-time $ 1.229.91 per share.
This is the most valuable car maker in the world with a market capitalization of more than $ 1 trillion.
The stock fell 4.8% Monday to $ 1162.94.
Still up nearly 65% this year.
Musk is sometimes abrasive and unpredictable, the net worth of about $ 300 billion, said he proposed the sale of shares as some Democrats have pushed billionaire to pay the tax when the stock they hold goes up, even if they do not sell., Even if they not to sell any shares.
However, the words on unrealized gains, also called “millionaires tax,” taken from the budget President Joe Biden, who is still being negotiated.
“Much is made lately unrealized gains become a means of tax evasion, so I propose the sale of 10% of the shares of Tesla me,” he tweeted on Saturday afternoon.
“Do you support this?” Musk said he would abide by the results of the poll, which ended with 58% of the more than 3.5 million voice call him to sell shares.
He did not say when he would sell the stock.
Musk known ROOVA market with tweets that sometimes frivolous and advised.
Tuesday, Tesla shares fell more than 3% after Musk tweeted that a deal to sell 100,000 Teslas to Hertz has not been signed.
Hertz said the cars have been sent.
Ives called the latest Twitter Poll Musk “Soap Opera Other Strange that could only happen on one company and one of the world’s CEO, Musk.”
Elon Musk: I will sell 10% of Tesla shares based on Twitter polls
