However, the stock market did not react well, with drops of up to 6%. And pay attention to the possible limitations of the regulatory authorities: according to Giacomo Calef (NS Partners) “an investigation is needed”. THE SKYWALL
Elon Musk, one of the richest men in the world, has combined another of his own and recently published a poll on Twitter to decide whether or not to sell 10% of his shares in Tesla, the car manufacturer he founded. . To the survey 3 and a half million users answered, making the “yes” prevail. Musk wrote that he called it because he will likely face a tax hike due to President Joe Biden’s plan to raise taxes on the super rich.
But how much money are we talking about? Many, 10% of Musk’s stake is in fact worth $ 21 billion according to the Wall Street Journal’s calculations. This is 2% of all Tesla shares.
Wall Street reacted badly on Monday, and the stock lost about 4.84%. Even today the opening was very negative, with Tesla marking a loss of more than 6%. Because? When investors know that there is a major sale in sight, they anticipate it and sell the stocks they have in their portfolio, before the price falls as it is intended to. And there is also a second reason: a CEO who sells shares in his company is not very convinced of the future of the company.
But Elon Musk, we know, in his genius has already accustomed us in the past to tweets of this type. In May 2020, for example, claimed that Tesla’s stock price was too high. While in 2018 tweeted the hypothesis of selling all Tesla shares, essentially withdrawing them from the market and paying all investors. Even then the announcement had caused discussion and attracted the attention of the SEC, the American Consob, the authority that regulates the stock markets in the United States. At that time Musk had in fact had to pay a millionaire fine and accept the obligation to hear Tesla’s lawyers before tweeting news and comments regarding the company. A rule that obviously has not been respected very much.
Listen to the intervention of Giacomo Calef (NS Partners Country Manager), interviewed on Sky TG24 Business, according to which “you cannot go and manipulate the market, there must be an investigation. Musk did this with GameStop, he did it with Bitcoin, he does it with his stock, what’s the problem? That investors may follow the indications given by him, but he has information that the people don’t have, that investors don’t have “.
It concerns the entire episode of Sky TG24 Business on November 9, in which he was also a guest Davide Iacovoni, Director of the Public Debt Directorate at the Ministry of Economy.