Elon Musk learns “Twitter Is Not A Real Place” as Twitter vote over $21bn Tesla share sale Goes Awry

the staff of the Ridgewood blog

Ridgewood NJ, Elon Musk has asked his Twitter followers to vote on whether he should sell 10% of his Tesla shares. The poll is a response to a proposed billionaires tax, which may see billionaires paying taxes on unrealized gains even if they do not sell any stock. Critics of the law argue that the value of assets does not always go up. Musk does not receive a cash salary or any bonuses, so the only way for him to pay tax is to sell stock. He has an option that expires in August next year to buy 22.86 million Tesla shares at $6.24 each.  Elon Musk should have taken Comedian Dave Chappelle advise ,” Twitter Is Not A Real Place”. 

Tesla CEO Elon took to Twitter to ask his more than 60 million followers whether he should sell 10% of his holdings in the company, which would amount to around $21 billion in value. After Elon’s followers voted “yes”, the stock fell as much as 7% on Monday before closing almost 5% lower at $1,162.

Tesla board member Kimbal Musk sold around $109 million of the electric-car maker’s stock shortly before his brother Elon knocked the share price by asking Twitter if he should sell a big chunk of his holdings.

Kimbal, an entrepreneur who sits on Tesla’s board of directors, made a number of transactions on Friday according to a Securities and Exchange Commission filing. He exercised his stock options to buy 25,000 shares at just $74.17 a pop. Kimbal then sold 88,500 shares in a number of tranches at an average price of around $1,230, making him roughly $108.9 million. Elon’s younger brother also donated 25,000 shares – which closed at $1,222.09 on Friday – to charity.

‘The Big Short’ investor Michael Burry says Elon Musk may want to sell Tesla stock to cover his personal debts – and compares the market to the Dutch tulip bubble.