by Fred Lambert
November 8, 2021
Tesla’s (TSLA) stock is falling by as much as 5% in pre-market trading – seemingly putting an end to an incredible rally.
One of the main catalysts appears to be Elon Musk confirming plans to sell 10% of his stake in the company over pressure that the rich don’t pay taxes. But is he being genuine?
Tesla’s stock has been on an historic run over the last few weeks, adding hundreds of billions in market capitalizing to surpass $1 trillion.
This weekend, CEO Elon Musk floated an idea that is likely at least partly responsible for putting a stop to the rally.
He said that he would sell 10% of his stake in Tesla if a Twitter poll would agree, which it unsurprisingly did.
Over 3.5 million Twitter users voted on the poll and almost 58% of them voted to sell:
Musk said that if Twitter votes for it, he will follow through – meaning he will start selling millions of Tesla stocks.