Tesla, Musk’s Twitter poll continues to sink the title: -16% on Wall Street
Tesla stock lost 16% of its value, equal to $ 200 billion. The Twitter poll on Saturday, November 6, where Elon Musk asked his followers to Twitter whether or not to sell 10% of your shares led to a monstrous loss within days. The patron of Tesla in fact, until today, the value of its company has fallen by as much as 200 billion.
Investors, aware of the upcoming sale of Musk, they disposed of their shares to anticipate the sharp drop in the price. As in any market, the more stocks are sold, the more their price falls. On the other hand, a CEO who sells shares of his own “creature” certainly does not offer an image of solidity and trust.
The Tesla’s collapse on Wall Street consequently also affected the personal assets of Musk, which amounts to approximately 300 billion. For now, the South African tycoon has lost 50 billion by the way. This is the second largest decline ever after the 36 billion lost from Jeff Bezos in just one day after the divorce with his ex-wife MacKenzie Scott. Nevertheless, Musk remains, second Bloomberg, the richest man in the world and also with a good gap (about 80 billion from Bezos).
Either way, it’s all about taxes. Indeed, holding wealth in bag it helps to pay less taxes: as long as these securities are not sold and a profit is collected, you do not pay a euro (or a dollar, in the case of Musk) in taxes. That’s why the American president Joe Biden proposed taxing the held and unsold shares of the 600 richest men and women in the country. Also in view of this possible novelty, Musk called the poll on Twitter.
However, this is yet another proof that the wealth of the super-rich who choose to hold a large portion of their wealth in publicly traded shares they are very volatile. Always second Bloomberg, Musk he has about 174 billion in his pocket Tesla shares, which account for the majority of its wealth. For Bezos the titles of Amazon they even represent almost 90 percent of their nest egg. The same trouble had also happened to Mark Zuckerberg which in October had lost about $ 6 billion after falling a Wall Street of his Facebook blocked by technical problems.