Tesla CEO Musk some time ago initiated a vote on the Internet on whether to sell shares. As a result, more than half of the netizens supported its sale, and Musk also complied with the voting results and sold the shares publicly.
A few days ago, Kuai Technology learned that, according to Tesla’s filing with the SEC, Musk sold 1.2 million shares on Friday, valued at approximately $1.2 billion.Today, Musk sold Tesla shares for the fifth consecutive day, with a total cash value of approximately US$6.9 billion.
However, along with Musk’s substantial cash out, Tesla’s stock price has also been affected.Tesla shares fell 2.8% on Friday and closed at $1033.42 in New York. This week’s decline expanded to more than 15%, the largest weekly decline since March 2020.
In fact, Musk’s behavior about voting to sell stocks is more like a public show for his substantial reduction.
According to documents, the disclosure plan for Musk’s stock sale was carried out as early as mid-September.This also means that no matter what the result of the vote is, Musk will sell the stock.
At the same time, Musk also expected the results of the vote, and most netizens would support his sale of stocks. Therefore, Musk’s online voting is considered to be a perfect momentum for his public reduction of Tesla stock, with the intention of minimizing the impact of the reduction to the stock price.
However, judging from the trend of Tesla’s stock price last week, the effect of the vote may not have met Musk’s expectations. After all, the weekly drop of more than 15% has also made many investors more dissatisfied with it.
Gary Black, the managing partner of The Future Fund LLC, an investment advisory company, accused Musk of not only wasting his own money, but also “sluggish.”
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