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Tesla’s market capitalization drops by $ 140 billion amid Musk’s plans to sell part of his shares

Published:

Nov 10, 2021 05:30 GMT

Elon Musk promised to sell 10% of his stake in Tesla citing the popular view that “unrealized profits are a means of tax evasion.”

Tesla shares fell nearly 12% on the New York Stock Exchange on Tuesday, reaching $ 1,023.5 and causing the company to lose $ 139 billion in market capitalization. This is the worst drop for the company’s values ​​since September 8, when they plummeted 21%.

Days before, Elon Musk promised to sell 10% of his shares in Tesla complying with the results of a vote he launched on Twitter in which the majority of participants (57.9%) voted in favor of the sale. As a reason for that operation, the South African-born tycoon cited the popular opinion that “unrealized profits are a means of tax evasion.”

Musk conducted the survey after the US government announced its plans to introduce a billionaires tax to help finance increased social and security spending. Under the current tax law of the North American country, assets such as shares are only taxed when they are sold.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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