In the past weeks, Elon Musk, who is the Chief Executive Officer, plans about Tesla Inc. have been the center of attention. Adding to the spice, a few days back, Elon Musk shared a poll on his Twitter account asking people if Elon Musk Sell the Five Billion Dollars Tesla Stock?. The poll resulted in favor of this decision which became a topic of discussion throughout the world.
About five billion dollars worth of stock was taken back by Elon musk after he put up the poll. This week only, it has been recorded by the regulatory filings that Elon Musk has disposed of about four point five million-plus shares. Elon Musk had not made any sales for about the past five to six years, so now, this is the first sale he has made in these years.
In the mid of September, the company decided to create a trading plan which was to be executed in November. This plan was for the paying of income taxes by offloading stocks, So around one point one billion stocks were offloaded this Monday.
On Wednesday, there was a revelation of two filings by the Securities and Exchange Commission of the US. On Monday, Elon musk mentioned that 2.2 million stocks have a worth of 2.2 billion dollars for a total of 13.4 million dollars. He did not stop here but also sold 934,000 shares too which were about 1.1 billion. He had sold 3.6 million shares on an average price of about $1,070.
On Tuesday and Wednesday, more of the sales were made by Elon musk, which was reported to have been discussed or filed before. These sales were not pre-planned, and Elon musk decided to make the sales on these days based on the recent facts and factors.
There is no record or guarantee that musk will sell all of his ten percent shares of Tesla Inc in the coming days. There has been no clue whether these decisions were based on the poll that Eon musk created on his Twitter account or there were some external factors involved. Maybe he will decide to sell ten percentage point shares which would be equal to seventeen million shares, or maybe he will not; nothing can be said for now.
At the beginning of this year, Elon Musk did mention that he would make use of the 2012 award options that he received in the year 2012. This award mentioned that the transactions made could be covered by the selling of shares.
Since any company’s plans are not disclosed publically or to anyone, it is possible that it might get canceled or get subjected to changes by the executive members. Even if the Twitter pole set by Elon musk showed opposition results to selling the ten percentage point shares, a similar move would have been possibly made by the company as it was already planned back in September.
Elon Musk had fifty billion dollars of his net worth sold off in the form of shares of Tesla Inc. on Monday and Tuesday. On Wednesday, Tesla had an increase of four point three percentage point 1067.95 dollars with the total losses being less than the thirteen percentage point. In the after-market trading, it was seen that a rise of 2.7 percentage points occurred in the stocks of Tesla.
The last time any shares were sold by Elon Musk was back in 2016 when the decision to cover the income tax of five hundred and ninety million had to be made. He looked through all options and decided to sell his stocks to cover this income tax.
The Twitter poll on Elon Musk had the caption that said that he is proposing to Sell his stock by ten percentage points as he did not want to avoid tax anymore because “unrealized gains had helped make much lately,” He said. On November 6th, Elon musk announced this poll in which 3.5 million people cast their vote favoring the sale of ten percentage points of Tesla sale, which is about fifty-eight percentage points, while the others voted against it.
The selling of Tesla’s stocks by Elon musk is nothing new. Instead, he has done it thrice before. In the year 2010, Elon Musk sold Tesla’s stocks when because of the Nasdaq exchange, the company had to go public. This transaction was the biggest transaction ever made with the selling of about 1.4 million shares in exchange for twenty-four million dollars. Another 2.7 million shares were sold again by him in the year 2016 in exchange for which five hundred and ninety-three million dollars were received by him. He used this to pay the income tax.
Tesla has had a good amount of shares for the past years, Investors were investing in Tesla throughout the year, but this week, since the announcement for selling of stocks was made by him, there were concerns and worries among the investors. Earlier this week, Tesla was the highest in stocks, but The genuine concerns of investors this week led to the decrease of thirteen percentage points in stocks. This has disposed of about 163 billion dollars worth of value in the market. Even though this decline was huge too but Tesla is still worth around one point one trillion dollars.
After the closing at around one thousand and sixty-eight dollars worth of share, 2.7 percentage points of stocks rose after working and trading for many long hours. This was reported on Wednesday, November 19th.
According to the Billionaires index created by Bloomberg, It was reported that the world’s richest person is Elon Musk, who has a fortune of around three hundred billion.
