Elon Musk Sells Tesla Shares For $5B. Will He Buy Dogecoin?
November 12 2021 - 6:00PM
NEWSBTC
News of Elon Musk selling Tesla shares has rocked the market
lately. The billionaire had sold a total of 2.15 million shares
valued at $5 billion on Thursday. The sale comes after a widely
received poll that the Tesla boss had earlier set up on Twitter to
ask the community what they think about him selling off the shares.
At the time, the stocks Musk had proposed to sell had been worth
around $25 billion. After the poll went live, it had garnered over
3.5 million votes, with the majority saying that he should sell off
the shares. It was a close call though as only 58 had voted in
favor of the sale. The rest of the votes opposed the sale. Related
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With Shiba Inu Musk’s simple Twitter poll had adversely affected
the price of Tesla stocks. Two days after the poll went live, Tesla
shares had fallen 16%, costing Musk $50 billion. Now, it seems Musk
went with the majority as he had eventually sold off some of his
stocks. Why Musk Sold Tesla Shares Billionaire Elon Musk had sold
the Tesla shares to pay income taxes which he had incurred after a
2.2 million shares acquisition. Like his previous sale in 2016, the
proceeds from the sale had gone to paying the billionaire’s hefty
income taxes. However, instead of the 10% which he had polled his
Twitter followers regarding, Musk had ended up only selling 3% of
his total Tesla holdings. Doge price trending around $0.25 |
Source: DOGEUSD on TradingView.com Musk, who is currently the
richest man in the world, had begun to sell shares on Monday. He
initially sold 934,000 shares out of the 2.2 million he had
acquired. This had amounted to $1.1 billion which had gone towards
his income taxes, but this proved to be not enough as Musk had to
perform an unplanned sale of another 3.6 million Tesla shares. The
SpaceX and Tesla CEO had raised $3.88 billion from the unplanned
sale over the course of Tuesday and Wednesday, putting the proceeds
towards income taxes once again. Musk has now sold a total of 4.5
million shares so far. If he is to stick to the original figure
posted on the Twitter poll, then the CEO will need to offload
another 12.5 million shares. Crypto Market Speculates On Musk’s
Sale Despite the proceeds from the sale of Tesla shares being put
towards income taxes incurred by the billionaire, the crypto
community has had a field day speculating what Musk will do with
all of the money. Some had speculated that he would probably
purchase some more bitcoins to add to his existing holdings. Musk,
however, did not engage any of these speculations. Now, the dog
coin communities, which Musk is a strong proponent of, have begun
to wonder if Dogecoin, his favorite meme coin, will see some of
that money. Matt Wallace who is a strong supporter of Dogecoin said
that the market may see some money come into the meme coin from the
billionaire’s sale. Elon Musk just sold 2.15 million shares of
Tesla stock worth over $2 billion. More coming. We may see a very
large contribution going into #Dogecoin very soon here! — Matt
Wallace (@MattWallace888) November 11, 2021 Related Reading
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2022 Others are however skeptical that Musk would make such a move.
Wallace iterated saying that “Elon has publicly stated he owns
Dogecoin. IMO there is a strong chance he will put more in now that
he has a lot more cash.” Adding that it was just speculation, hence
his use of the word “may” not “will.” Only one thing is for sure
when it comes to Musk’s Tesla sale, the proceeds so far have gone
to offset income taxes. Whether he would put some of that money
towards crypto is left to be seen. Featured image from The World
Financial Review, chart from TradingView.com
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