Elon Musk’s latest tweet sends Tesla shares plummeting

Eccentric billionaire Tesla founder Elon Musk is under fire for his latest controversial tweets this weekend, where he surveyed his followers on whether or not he should sell 10% of his stake in the electric vehicle company Tesla.

Citing criticism for paying low taxes, Musk proposed the sale of 10% of his Tesla stock to his 63.2 million Twitter followers, then followed the tweet explaining that because he does not collect a salary, the only way to pay Tax is on capital gains, which means you would have to sell stocks.

The survey, sent out on Saturday before the stock markets opened, sent stocks skyrocketing Monday morning. Tesla’s stock price is down nearly 13% since the tweets, while the stock is up more than 156% last year.

Last Saturday’s incident was not Musk’s first controversy regarding Twitter and the world of finance. In September 2018, the U.S. Securities and Exchange Commission (SEC) fined Musk and his company Tesla $ 20 million each for their cheep That funding had been secured to buy shares and take Tesla off publicly traded markets in August. In May 2020, the stock fell as much as 12% in a day after Musk. tweeted that the company’s share price is “too high in my opinion.”

Reports on Monday also indicated that Tesla board member Kimbal Musk, who is Elon’s younger brother, sold $ 110 million worth of Tesla stock on Friday, a day before Elon’s questionable tweets. It is unclear whether the SEC will file charges or damages against Musk and Tesla.

A $ 15 billion tax bill on his more than $ 28 billion in personal stock earnings looms for Musk, who also owns solar power systems provider SolarCity, neurotechnology and artificial intelligence-based startup NeuraLink, and the tunneling company The Boring Company, and it’s a possible reason why Musk would do it. They are looking to sell shares, according to CNBC.

Vice President Mike Pence and Ms. Karen Pence arrive at Neil Armstrong’s Payment and Operations Facility in Merritt Island, Florida, on Wednesday, May 27, 2020, and are greeted by NASA Administrator Jim Bridenstine. Elon Musk, Founder and CEO. (Official White House Photo by D. Myles Cullen) (Credit: VIA WIKIMEDIA COMMONS)

Musk’s latest antics drew the ire of Democratic Senator Ron Wyden, who responded: “Whether or not the richest man in the world pays taxes, it shouldn’t depend on the results of a Twitter poll. It’s time for (sic) billionaires income tax ”in a tweet. Musk responded directly to Wyden with a crude tweet aimed at the appearance of the main photo on his Twitter account.

The survey results were approximately 57.9% “yes” (which means to sell) and 42.1% “no” as of Thursday morning.



Reference-www.jpost.com

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