Will He Purchase Dogecoin? Elon Musk Sells Shares Tesla For $5B.
Update of Elon Musk selling Tesla shares has rocked the industry lately. The billionaire had sold a total of 2.15 million shares valued at $5 billion on Thursday. Actually, The comes after a widely received poll that the Tesla boss had earlier set up on Twitter to ask the communitysalewhat they think about him selling off the shares. the, At the time, Interestingly 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 offer off the shares. It was ainend call though as only 58 had voted favor of the sale. The rest of more than ever the votes opposed the sale.
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Two days after the poll went live, Tesla shares had fallen 16%, costing Musk $50 billion. In fact, from another perspective Musk’s uncomplicated Twitter poll had adversely affected the price of Tesla stocks. Instantly, it seems Musk went with the majority as he had eventually sold off some of his stocks.
WhyTeslaMusk Sold Shares
Indeed, 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, regarding of the 10% which he had polled his Twitter followers instead, Musk had ended up only selling 3% of his total Tesla holdings.
Doge price trending around $0.25 | Source: DOGEUSD on TradingView.com
As you may know, Musk, who is currently the richest man in the world, had begun to trade 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.
In fact, SpaceX and Tesla CEO had raised $3.88 billion from the unplanned sale over the course of Tuesday and Wednesday, putting the proceeds towardsTheincome taxes once again. Musk has right away sold a total of 4.5 million shares so far. IndeedtoIf he is , stick as it turns out to the original figure posted on the Twitter poll, then the CEO will need to offload another 12.5 million shares.
Actually, Crypto Industry Speculates On Musk’s Sale
Indeed, Despite the proceeds from the sale of Tesla shares being put towards income taxes incurred by the billionaire, the crypto community has had adoentry day speculating what Musk will with all of the currency. Musk, however.did not interact any of these speculations, Indeed, Some had speculated that he would probably obtain some more bitcoins to add to his existing holdings.
have, the dog coin communities, which Musk is a strong proponent of, Right away begun to wonder if Dogecoin, his favorite meme coin, will see some of that funds. Matt Wallace who is a strong supporter of Dogecoin said that the niche may see some money come into the meme coin from the billionaire’s sale.
More coming. Elon Musk just sold 2.15 million shares of as it turns out Tesla stock worth over $2 billion.
We may see a very large contribution going into #Dogecoin very soon here!
— as it turns out Matt Wallace (@MattWallace888) November 11, 2021
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Others are however skeptical that Musk would make such a move. Wallace iterated saying that “Dogecoin more than ever has publicly stated he owns Elon. Interestingly, IMO there is a strong chance will he put more in right away that he has a lot more cash.” Adding that it was just speculation, hence his employ 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 cash towards crypto is left to be seen.
Featured image from The World Financial Review, chart from TradingView.com
