{"id":8883,"date":"2021-11-11T07:01:57","date_gmt":"2021-11-11T07:01:57","guid":{"rendered":"http:\/\/TheNextWeb=1372869"},"modified":"2021-11-11T07:01:57","modified_gmt":"2021-11-11T07:01:57","slug":"elon-musk-wasnt-actually-asking-for-your-opinion-on-his-5b-tesla-stock-sale","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=8883","title":{"rendered":"Elon Musk wasn\u2019t actually asking for your opinion on his $5B Tesla stock sale"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"https:\/\/img-cdn.tnwcdn.com\/image\/hardfork?filter_last=1&amp;fit=1280%2C640&amp;url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2021%2F11%2FMusk-Twitter-Share.jpg&amp;signature=29b2a8ab0e2447293b4f8b6eb3bfd2c3\" class=\"ff-og-image-inserted\"><\/div>\n<p>The world almost turned upside down when over the weekend, Elon Musk asked on <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1457064697782489088\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a> if he should sell 10% of his stake in Tesla. Given his previous antics, it\u2019s not unprecedented for the billionaire to ask <a href=\"https:\/\/www.theverge.com\/2021\/11\/7\/22768364\/elon-musk-poll-twitter-tesla-10-percent-billionaires-capital-gains-tax\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">random folks on a social network<\/a> about sensitive financial advice.<\/p>\n<p>Musk eventually sold almost 3% of his shares \u2014 4.5 million stocks worth almost $5 billion \u2014 over the next few days. This sale led everyone to believe that he indeed heard the Twitterati and made the decision. Crazy, right?<\/p>\n<p>But as the Wall Street Journal\u2019s Newley Purnell <a href=\"https:\/\/twitter.com\/newley\/status\/1458659937953857542\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">notes<\/a>, Musk\u2019s sale was pre-planned \u2014 at least partially. This sale was necessary for him to satisfy tax obligations.<\/p>\n<p>A document filed to Security and Exchange Commission (SEC) confirms that<span>&nbsp;Musk was just exercising a preset trading plan that allowed him to sell his stock at a scheduled time. As WSJ explained in its story, these <a class=\"icon none\" href=\"https:\/\/www.wsj.com\/articles\/insiders-at-covid-19-vaccine-makers-sold-nearly-500-million-of-stock-last-year-11613557801?mod=article_inline\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">10b5-1 plans<\/a> allow company insiders to sell stocks at a pre-determined price and date, calculated by a formula.&nbsp;<\/span><\/p>\n<p>It\u2019s important to note that out of $5 billion, only a part of the sale was pre-determined. He sold <span><a href=\"https:\/\/www.cnbc.com\/2021\/11\/10\/elon-musk-sells-1point1-billion-of-tesla-stock.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">3.5 million shares worth over $3.88 billion<\/a> after the weekend. This move was not pre-planned or scheduled.&nbsp;<\/span><\/p>\n<p>So, yes, Musk\u2019s Twitter theatrics made the sale look like an impulsive decision like ordering McDonald\u2019s after getting high at night. But it turned out to be a calculated and pre-planned financial decision after all. Meh.<\/p>\n<p>While the celebrated entrepreneur\u2019s stock sell has earned him some more publicity he probably didn\u2019t need, it caused Tesla\u2019s stock to dip over 13% in the last five days. Not good for the shareholders.<\/p>\n<p>You can check out the SEC filing <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1318605\/000089924321044060\/xslF345X03\/doc4.xml\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">here<\/a>.<\/p>\n<p> <a href=\"https:\/\/thenextweb.com\/news\/musk-tesla-share-twitter-sec-planned-analysis\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world almost turned upside down when over the weekend, Elon Musk asked on Twitter if he should sell 10% of his stake in Tesla. Given his previous antics, it\u2019s not unprecedented&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8884,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/8883"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8883"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/8883\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/8884"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}