Elon Musk sells over $1 billion of Tesla stock
11-11-2021Tesla CEO Elon Musk has sold around 934,000 shares for approximately $1.1 billion. The transaction is confirmed by filings with the Securities and Exchange Commission on November 11. It is just the third time he has sold Tesla shares since the firm went public in 2010.
Elon Musk asked his 63 million Twitter followers if he should sell 10% of his share in Tesla. Almost 58% of the 3.5 million respondents replied yes, yet he has sold less than 1%. Tesla shares dropped 16% in the days following the survey, momentarily falling below $1,000 on November 10. Tesla stock achieved an all-time high earlier this month but is now down 11% from that high.
Following the Twitter vote but before the news of this sale broke, MicroStrategy CEO Michael Saylor advised he acquire additional Bitcoin:
“If the goal is diversification, an alternate strategy to consider is converting the $TSLA balance sheet to a Bitcoin and purchasing $25 billion in BTC. That would deliver diversification, inflation protection & more upside for all investors in a tax efficient manner.”
According to BitcoinTreasuries, Tesla now owns 43,200 BTC, which is worth an estimated $2.79 billion.
More from this category
Bank of England Governor Touts CBDCs Over Stablecoins: Report
11-24-2021The governor of the Bank of England (BoE), Andrew Bailey, said that exploring a central bank digital currency (CBDC) would be better for financial stability than asset-backed stablecoins, which the ba...
Brazilian congress proposes crypto as a method of salary payment
11-08-2021A Brazilian lawmaker has proposed legislation to allow cryptocurrency payments as a form of salary for both public and private sector employees. Workers will be allowed to seek payment in cryptocurren...
Is Tesla bringing back crypto payments?
10-26-2021Tesla has hinted that it may soon attempt to reintroduce support for cryptocurrency payments. Tesla noted in its September quarterly report that company "may in the future resume the practice of tradi...