Update (230pm ET): 24 hours after Elon Musk's first ever Twitter poll, in which random anonymous computer algos had a key voice in corporate governance decisions and could potentially catalyze a TSLA and/or market crash, 57.9% of the 3.5 million participants in the Musk poll have voted in the affirmative, giving Musk just the cover he needs to dump over $20 billion in TSLA stock, while blaming the Democrats' proposed unrealized capital gains tax as the catalyst behind the sale.
Incidentally, such an idiotic, socialist tax will never pass through Congress but is the perfect strawman for Musk to become far more liquid to the tune of billions, because as Scott Gallwoay said, echoing our own comments (see below) Musk will use "Twitter results as cloud cover to monetize $TSLA at prices he knows aren’t sustainable without outright telling the market he’s lost faith in its valuation."
And now the question is what will Musk tweet next (as a reminder Musk said the would "abide by the results of this poll, whichever way it goes") and just how bad will the stock tumble tomorrow if indeed the eccentric CEO confirms that he will (or already has) dumped a tenth of his TSLA holdings.
Actually, scratch that: moments after the poll deadline, Musk tweeted that he was "prepared to accept either outcome" just as he bashed Galloway for his abovementioned comments.
I was prepared to accept either outcome— Elon Musk (@elonmusk) November 7, 2021
In other words, it looks like Musk is indeed about to start dumping.
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In response to the latest wealth redistribution proposal espoused by America's socialist party which was formerly known as the Democrats, the world's richest man, Elon Musk, said that "much is made lately of unrealized gains being a means of tax avoidance", and so he created a Twitter survey in which he asked if his 62.5 million followers support him selling 10% of his Tesla stock.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.— Elon Musk (@elonmusk) November 6, 2021
Do you support this?
The amount of stock in play is worth about $21 billion, based on Musk's holdings of 170.5 million Tesla shares (the amount of stock Musk would sell is even greater if his options are included). The stock, which surged 74% this year on the back of one gamma squeeze after another, closed at $1,222.09 on Friday, just shy of an all time high.
Four hours later, with over 1.2 million responses, a majority of the respondents so far, or 53%, have said supported such a sale. Perhaps they are unaware that such a sale would tank TSLA stock - as it is equivalent to 80% of the average daily trading volume for Tesla in the past three months - sending it plunging. Furthermore, the signal that Musk would send by liquidating a portion of his holdings in response to socialist wealth redistribution would propagate like wildfire across the market and result in a broader market crash.
On the other hand, for Musk - who would be delighted to be "forced" to dump a significant portion of TSLA shares at the highest price ever - a favorable outcome which he can then blame on Democrats - may be just what he desires even if it means next week we see a crash in the price of Tesla shares, one could then quickly spillover to the broader market, for which Musk can blame the Democrats again.
Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.— Elon Musk (@elonmusk) November 6, 2021
So for the sake of TSLA bulls, we hope the bulls find a way in the next 20 hours to fill the gap and reverse the answer to negative, or else next week we will see a lot of OTM calls expiring worthless, especially after Musk said that he would "abide by the results of this poll, whichever way it goes."
I will abide by the results of this poll, whichever way it goes— Elon Musk (@elonmusk) November 6, 2021
Come to think of it, Musk's ulterior motives notwithstanding, should the "Yays" have it and if TSLA stock plummets next week after the poll ends in 21 hours...
... the outcome would be an even clearer signal to Democrats that just in case last week's catastrophic results in Virginia were not enough, getting a market crash in addition to everything else plaguing the US economy and society, would truly be the cherry on top that leads to a red avalanche next November, especially other billionaire CEOs follow in Musk's footsteps in conducting a "Twitter test" on whether they too should send their stock freefalling.
“We are witnessing the Twitter masses deciding the outcome of a $25B coin flip,” venture capitalist Chamath Palihapitiya said in response to Musk’s tweet.
We are witnessing the Twitter masses deciding the outcome of a $25B coin flip. https://t.co/95M5StShPl— Chamath Palihapitiya (@chamath) November 6, 2021
Saturday’s tweet is the second time within a week that Musk has discussed selling Tesla shares. As we reported last week, on Sunday, Musk challenged a United Nations official who said just a small percentage of the billionaire’s wealth could help solve world hunger. He wrote that he would sell Tesla stock if the World Food Program could describe the accounting on his Twitter thread.
And then there were the liberals, intent on
confiscating redistributing the wealth of successful entrepreneurs, such as French economist Gabriel Zucman out of that socialist mecca the University of California at Berkeley, who tweeted that he was “looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll.” For the sake of this country, we hope that day does not come.