The stock price of Tesla plunged by 7% on Monday after Twitter users voted in favor of Elon Musk selling 10 percent of his holdings.
A few days ago, the Tesla CEO conducted a Twitter poll on whether he should sell 10% of his holdings to pay taxes.
57.9% of voters supported his decision to sell his holdings and the remaining 42.1% were against it.
I will abide by the results of this poll, whichever way it goes
— Elon Musk (@elonmusk) November 6, 2021
Musk wrote that he will “abide” by the results of this poll, whichever way it goes. Later, he added “* abide(n)” to his Twitter thread which was a reference to US President Joe Biden.
Tesla Stock Price Plummets After Elon Musk Poll
The result of the Twitter poll was in favor of the Dogefather selling his holdings. Thus, on Monday the market opened and the stock price plunged. The price dropped by 7% on that day.
It’s no secret that Elon Musk’s tweets have an influence on the crypto market and Tesla stock.
Whether it’s Bitcoin, Dogecoin, or Shiba Inu coin; Musk’s tweets have had a huge impact on their price.
Recently, Hertz ordered 100,000 Teslas which soared Tesla’s stock price by 13% and its market capitalization surpassed the $1 trillion mark.
Tesla’s stock hit an all-time high of $1,243.49. However, his tweet on selling his holdings changed the market sentiment and the stock price closed at $1,162.
Currently, Elon Musk owns 23 percent of Tesla. He holds nearly 170.5 million shares of Tesla, valued at almost $200 billion. His 10 percent shares will be worth nearly $20 billion, according to The National News.
Recently, Kimbal Musk, one of the board of directors of Tesla, exercised his stock option and made a fortune of about $108.8 million as per Market Watch.