Tesla CEO Musk sells some shares to pay stock option tax bills

according toTeslaThe Form 4s file submitted by CEO Musk shows that he sold 934,000 shares on November 8.TeslaStocks to pay for stock option tax bills.

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　　Tesla continues to worry: Musk personally “smashed” the electric car track will face greater competition

Send the “Seven Step Poem” in Chinese, return to the WFP, which is “forced to donate”, and let fans vote to decide whether to sell stocks…Although people are rightTeslaCEO Musk has long been accustomed to various operations, but the market does not take it. Tesla stock fell more than 16% in the first two trading days this week, and the market value of about 1.3 trillion yuan has evaporated.Looking behind you, Rivian, a new electric pickup truck known as the “Tesla killer”, appearedNasdaqAccording to current valuation, this will become the largest IPO of US stocks in 2021.

　　Nearly 200 billion U.S. dollars evaporated in two days

After standing at the trillion-dollar market value, Tesla rushed all the way and stepped on the brakes. At the close on Tuesday, Eastern Time, Tesla reported $1023.5, a drop of nearly 12%, and its latest market value was $1.02 trillion. On the previous day, Tesla also fell sharply, closing down 4.8%. Tesla’s cumulative decline in two trading days reached 16.2%, evaporating a total of 198 billion US dollars in market value.

Earlier Musk’s “high-profile reduction” may have been the main reason for Tesla’s plunge.Last week, Musk was inTwitterA poll was launched on the Internet to allow 62.5 million fans to decide whether he should sell 10% of Tesla’s stock. The voting results showed that the proportion of supporting Musk’s stock sales reached 57.9%.

According to Reuters calculations, Musk holds approximately 170.5 million shares of Tesla. Calculated according to the closing price on the day of the voting, this part of the stock is worth $21 billion. According to the current latest closing price, Musk’s 10% stake is worth about 17.442 billion U.S. dollars.

Compared with Musk has not acted yet, his brother Kimbal Musk has already begun to sell.Tesla latestannouncementIt shows that Kimbal Musk sold 88,500 Tesla shares on November 5, with an average price of $1229.91, and a total cash of approximately $109 million. According to estimates by the announcement, the proportion of Musk’s brother’s share sale this time accounted for about 15% of his shares.

In addition, there have been many Teslas recentlyshareholderSell ​​its stock. In June of this year, Tesla announced the departure of Jerome Gillan, the previous president of the company’s heavy-duty truck division. Since then, Jerome has continuously sold Tesla shares worth approximately $274 million from June 10 to 18. A month later, Tesla’s chief accountant Vaibaf Tanea sold 4,459 shares, realizing $2.94 million. In September, Tesla CFO Zachary Kirkhorn also sold 2780 shares, cashing out a small amount of US$2.09 million.

Regarding the impact of Musk and the shareholders’ selling, a reporter from Beijing Business Daily contacted Tesla, but as of press time, no response has been received.

On the other hand, the diving stock price has more or less affected Tesla’s major customers.At the end of last month, the world’s largest car rental companyHertz Car Rental(Hertz Global Holdings) said it has placed an order for the first batch of 100,000 Tesla cars before the end of 2022, and the order is worth 4.2 billion US dollars. Tesla’s stock price therefore stands at $1,100, and the total market value exceeds $1 trillion.

After catching up with Tesla,Hertz Car RentalStrike while the iron is hot, decide to relist, but alsoAdditional issuance20% stock. Tuesday, local time,Hertz Car RentalIn the U.SNasdaqRelisted. But the result was shocking. Hertz car rental broke on the first day of relisting, plummeting nearly 24%.

　　Selling is just a black swan?

Many people regard Musk’s high-profile holdings as the “initiator” of the Tesla share price plunge. However, the research investment website The Motley Fool believes that although the exact reason for Tuesday’s share price decline is not clear, it may just represent a decline. The downward momentum continued. Volatility in Tesla’s stock may continue in the coming weeks, as the company has gained 44% in October, and after this “epic rise,” the stock may “take a breath.”

Tudor PickeringAnalystMatt Portillo pointed out: “From a long-term perspective, Tesla’s share price is extremely overvalued, and investors are distressed by the valuation. Musk’s stock sale vote provides investors with An excuse to withdraw’.”

Right now, Tesla’s market value is basically equivalent to the sum of all traditional automakers in the world. Chief, Miller Tabak & Comarketing strategyTeacher Matthew Maley said that the decline in Tesla’s stock price is part of a normal and healthy correction, and this is a response to overbought conditions.

But some people think that Tesla’s market value will continue to fall. According to the latest forecast by David Trainer, CEO of investment research company New Constructs, he believes that Tesla’s market value is overvalued by approximately $1 trillion, and its share price may fall by 88% to 150 per share. Around the dollar.

As for Musk’s sell-off, there may be other secrets.Well-known hedgefundManager Michael Burry (Michael Burry) pointed out that Musk may want to liquidate some of his holdings to repay his personal debts. This summer, a survey by ProPublica detailed how some of the richest people in the world borrow stocks as collateral to minimize their tax burden.

Burry believes that whether it is to solve the world‘s hunger problem or the so-called billionaire income tax, these may be just excuses. He cited a document from the US Securities and Exchange Commission (SEC) that as of June 30, Musk had pledged about 88 million shares, accounting for 36% of his total holdings, as collateral for personal loans.

In addition, Burry also compared the current Tesla stock price with the Dutch tulip bubble, warning of dangerous speculation in the financial market.

Burry has always been Tesla’s most loyal short. In 2020, Tesla’s share price soared by 743%, causing the shorts to lose up to 40.1 billion US dollars. Tesla put option contract.

　　Latecomers

Perhaps Tesla will rise and fall in the future, but it is no longer the only choice for investors. On Wednesday, local time, the American electric car startup Rivian, known as the “Tesla killer,”NasdaqListed, the stock code is “RIVN”.

On Tuesday evening local time, Rivian expanded the IPO issuance to 153 million shares, higher than the company’s original plan to issue 135 million shares. A source said that Rivian set its highly anticipated IPO price at $78 per share, which is higher than the price range after the increase.

This means that Rivian’s IPO will become the largest IPO in 2021, raising more than $11 billion, and it is also the sixth largest IPO in the history of U.S. stocks.

In contrast, 11 years ago, Tesla’s IPO valuation did not exceed US$2 billion, and the fundraising scale was only US$226 million.

Rivian wonAmazonAnd Ford’s strong support.AmazonInvested more than 1.3 billion U.S. dollars in Rivian and held 22.4% of the company’s Class A shares before the IPO. Based on the IPO issue price, this part of the equity will be worth about 12.5 billion U.S. dollars. Ford held approximately 14.4% of Rivian’s A shares before the IPO, and the current value of this part of the shares is US$8 billion.

also,AmazonIt also ordered 100,000 vehicles from Rivian to be delivered before 2030. The two companies plan to put 10,000 new Rivian-Amazon delivery vehicles on the road as early as next year to help Amazon promote its logistics fleet to turn to renewable energy.

According to Yan Jinghui, a member of the Expert Committee of the China Automobile Dealers Association, from the perspective of brand power, Tesla is still in the leading position in the global new energy pure electric vehicle market, with brand power and product line support, and even Musk. The blessing of “opinion leaders”. But Yan Jinghui also pointed out that Tesla has encountered some problems in its development and has a certain downward trend.

In addition to the chasing of car companies, Tesla’s self-driving technology is also under threat.On Tuesday, the chip giantNvidiaReleased Hyperion 8, an autonomous driving toolkit, and announced that this toolkit is ready for the 2024 model.

Yan Jinghui believes that although Tesla is currently in the leading position in the field of self-driving cars, ifNvidiaThe technology is excellent and will be applied to other automakers’ cars from 2024, so Tesla will face greater competition in the field of autonomous driving. (Source: Beijing Commercial Daily)

(Article source: Financial Association Press)