How's Tesla (TSLA) doing after Musk's $5B share sale post Twitter poll?

3 min read | November 11, 2021 10:19 AM EST | By Raza Naqvi

How's Tesla (TSLA) doing after Musk's $5B share sale post Twitter poll? — Image source: © Kiankhoon | Megapixl.com

All you need to know about Elon Musk's decision

According to reports, Elon Musk sold 4.5 million shares this week, however, it was not due to the Twitter poll conducted on November 7. A batch of shares worth US$ 1.1 billion was sold on Monday, November 8, and this sale was reportedly initiated under a pre-arranged setting planned in September this year.

Tesla chief Elon Musk news

Another sale of shares worth US$ 4 billion was also reportedly planned ahead of the virtual referendum and it is not clear whether the remaining shares were notified on November 9 or 10.

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Mr Musk had tweeted if he should sell 10 per cent of his stock, however, the sales he has made is not equivalent to the mentioned stake in the tweet. If he has to sell 10 per cent of his stake, the electric vehicle maker's boss will have to sell millions of more shares in comparison to what he sold this week.

Interestingly, around 3.5 million people had taken part in the poll and around 58 per cent of the voters were in favor of Mr Musk selling his 10 per cent stake.

Bottom line

The TSLA stock has seen impressive gains in the past and it skyrocketed by 156 per cent in the last 12 months and even outperformed the Nasdaq Composite Index’s growth of 92 per cent.

Recently, shares of Tesla climbed to a 52-week high of US$ 1,243.49 per share on November 4, 2021.

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