Elon Musk Mulls Over Selling 10% Tesla Stocks. Will He Reinvest Into Crypto?

elon musk selling Tesla stocks to buy bitcoin
  • Tesla CEO Elon Musk is considering selling 10% of his Tesla stocks.
  • Elon made a poll in which people will vote whether he will do so or not.
  • Some people are suggesting that he reinvest in cryptocurrency.

Tesla CEO Elon Musk took to Twitter his thoughts of selling 10% of his TSLA stocks, which is worth more than $20 billion.

At the time of writing, almost 3 million people participated, with 56.6% voting yes, while 43.4% chose no. Consequently, Elon wrote in another tweet that he will abide by the outcome of the poll.

For those who may be wondering about Elon’s actions, the reason for the potential selling of Tesla stocks is for him to pay his taxes.

Meanwhile, people in the crypto community are suggesting that he reinvest into cryptocurrency. For example, MicroStrategy CEO and long-time Bitcoin bull Michael Saylor suggested that Elon convert about $25 billion in Tesla into a Bitcoin balance sheet.

On the other hand, others like financial analyst Kevin Praffath speculated that Elon will buy Ethereum, Dogecoin, or Shiba Inu alongside Bitcoin. Praffath also pointed out that Elon’s brother Kimbal already sold his $108 million worth of Tesla stock on November 5, one day before Elon made his Twitter poll.

At the time of writing, Tesla stock price is at $1,222.09, according to Nasdaq.

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