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Elon Musk Sells Tesla Shares For $5B. Will He Purchase Dogecoin?

Information of Elon Musk promoting Tesla shares has rocked the market these days. The billionaire had bought a complete of two.15 million shares valued at $5 billion on Thursday. The sale comes after a extensively acquired ballot that the Tesla boss had earlier arrange on Twitter to ask the neighborhood what they consider him promoting off the shares. On the time, the shares Musk had proposed to promote had been price round $25 billion.

After the ballot went dwell, it had garnered over 3.5 million votes, with the bulk saying that he ought to unload the shares. It was an in depth name although as solely 58 had voted in favor of the sale. The remainder of the votes opposed the sale.

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Musk’s easy Twitter ballot had adversely affected the value of Tesla shares. Two days after the ballot went dwell, Tesla shares had fallen 16%, costing Musk $50 billion. Now, it appears Musk went with the bulk as he had ultimately bought off a few of his shares.

Why Musk Bought Tesla Shares

Billionaire Elon Musk had bought the Tesla shares to pay earnings taxes which he had incurred after a 2.2 million shares acquisition. Like his earlier sale in 2016, the proceeds from the sale had gone to paying the billionaire’s hefty earnings taxes. Nonetheless, as a substitute of the ten% which he had polled his Twitter followers relating to, Musk had ended up solely promoting 3% of his whole Tesla holdings.

Dogecoin price chart from

Doge value trending round $0.25 | Supply: DOGEUSD on

Musk, who’s at present the richest man on the earth, had begun to promote shares on Monday. He initially bought 934,000 shares out of the two.2 million he had acquired. This had amounted to $1.1 billion which had gone in the direction of his earnings taxes, however this proved to be not sufficient as Musk needed to carry out an unplanned sale of one other 3.6 million Tesla shares.

The SpaceX and Tesla CEO had raised $3.88 billion from the unplanned sale over the course of Tuesday and Wednesday, placing the proceeds in the direction of earnings taxes as soon as once more. Musk has now bought a complete of 4.5 million shares to date. If he’s to stay to the unique determine posted on the Twitter ballot, then the CEO might want to offload one other 12.5 million shares.

Crypto Market Speculates On Musk’s Sale

Regardless of the proceeds from the sale of Tesla shares being put in the direction of earnings taxes incurred by the billionaire, the crypto neighborhood has had a subject day speculating what Musk will do with all the cash. Some had speculated that he would most likely buy some extra bitcoins so as to add to his current holdings. Musk, nonetheless, didn’t interact any of those speculations.

Now, the canine coin communities, which Musk is a robust proponent of, have begun to marvel if Dogecoin, his favourite meme coin, will see a few of that cash. Matt Wallace who’s a robust supporter of Dogecoin mentioned that the market might even see some cash come into the meme coin from the billionaire’s sale.

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Others are nonetheless skeptical that Musk would make such a transfer. Wallace iterated saying that “Elon has publicly acknowledged he owns Dogecoin. IMO there’s a sturdy likelihood he’ll put extra in now that he has much more money.” Including that it was simply hypothesis, therefore his use of the phrase “could” not “will.”

Just one factor is for positive with regards to Musk’s Tesla sale, the proceeds to date have gone to offset earnings taxes. Whether or not he would put a few of that cash in the direction of crypto is left to be seen.

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