Posted: 10 Nov 2021 00:03 GMT
Faced with today’s slide, the electric car giant’s shares have risen more than 60% in the past six months and its market capitalization remains above $ 1 trillion.
While Tesla shares fell 10% on the Nasdaq stock this day, prominent American investor Michael Burry speculated on the reasons that could push the CEO of the company, Elon Musk, to sell 10% of his shares.
“As for what Musk needs to sell, because of the proposed tax on unrealized profits, or to solve world hunger, or … Well, there’s the matter of the tax-free money he took out on June 30 in form of personal loans backed by 88.3 million of their shares, “Burry wrote in a tweet already deleted, but captured shortly before by Business Insider.
With his post, Burry hints that Musk actually needs the cash to cover the credits you have asked for, and for no other reason.
In that sense, the media alludes to another Burry post, from last August, to which it attached a link to a report from the US Securities and Exchange Commission, where it is documented that Musk had placed 88 million shares from Tesla as collateral for personal loans.
Meanwhile, and in the face of today’s drop, the electric car market giant’s share price has risen by more than 60% in the last six months, while its market capitalization remains above One billion dollars, as indicated by Google Finance data.
On November 6, Musk launched a survey on Twitter in which he asked his followers if he should sell 10% of his Tesla shares, pledging to comply with the result of the query. As motivation for the potential sale, the South African businessman referred to the popular opinion that “unrealized profits are a means of tax evasion.” The majority of respondents (57.9%) voted in favor of the sale.The survey was conducted by the businessman after the Joe Biden Administration announced plans to levy a billionaire tax to help finance the increase in income. social spending. Under current US tax law, stocks and other assets are only taxed if sold.