As a result of the recall of 21,599 domestic Model Y vehicles due to suspension problems, Tesla’s stock price plummeted, evaporating 70 billion market value overnight. At the close of trading on December 3, Tesla fell 6.42%, with a market value of 1.02 trillion U.S. dollars, evaporating 70 billion U.S. dollars, and once fell more than 7% during the session. In addition, according to the regulatory documents submitted on December 3, local time, in the latest transaction, Musk sold about 934,000 shares of Tesla, valued at about $1.01 billion.
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Since November 8, Musk has sold approximately 10.0982 million Tesla shares, cashing out US$10.9 billion, achieving 59% of his target.
On November 7, local time, Musk’s online vote on Twitter for 10% of the shares had a result: nearly 60% expressed support.
Musk previously said, “Recently, many people think that unrealized gains are a tax avoidance method, so I suggest selling 10% of Tesla stock. Do you support this proposal?”
Musk said that no matter what the result is, it will follow the voting result.
He also added: “I don’t get cash salary or bonus from anywhere. I only have stocks, so the only way I can pay my taxes is to sell stocks.”
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