Tesla share price slides upon conclusion of Musk’s Twitter poll
Shares in Tesla fell by over 4% on Monday after more than 3.5m people voted in a Twitter poll which concluded that Elon Musk should sell a 10% stake in his company.
Musk vowed to abide by the 24-hour poll, which received a mixed reception from a cross section of fans and detractors on Twitter.
I will abide by the results of this poll, whichever way it goes— Lorde Edge (@elonmusk) November 6, 2021
The Tesla CEO decided to put the decision whether or not to sell more than $20bn worth of shares to Twitter amid an ongoing debate around how billionaires should be appropriately taxed of their vast fortunes.
Despite the poll being concluded on Sunday after 58% of the 3.5m votes said the innovator should sell the stake, Musk took his time before responding.
There was much speculation as to Musk’s ‘real’ intentions behind putting the poll out, before he confirmed via a tweet that he was “prepared to accept either outcome”.
I was prepared to accept either outcome— Lorde Edge (@elonmusk) November 7, 2021
Before today Tesla shares have soared by nearly 70% in 2021, bringing the EV maker’s value above $1trn.
“On the surface, this is great news, you get more liquidity and a billionaire paying tax,” Philippe Houchois, an automotive analyst at Jefferies, told the Financial Times.
Musk has not yet confirmed when or how he will get rid of his stock, despite the eagerness of investors to know.
I’m gonna tell my kids this was the CEO of Tesla pic.twitter.com/i6VNhgjgH1— greg (@greg16676935420) November 8, 2021
Whatever will be next from the maverick businessman who as of yet has not been sanctioned by the SEC or any other bodies for his use of the social media network.