Tesla Stock Takes a Nosedive After Musk Announces Plan to Sell 10%

Shares of Tesla fell Monday on the heels of CEO Elon Musk's announcement that he plans to sell 10 percent of his stock.

  • The price of stock in the company fell by $73 a share Monday morning, two days after Musk asked his Twitter followers if they thought selling 10 percent of his shares was a good idea. "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10 percent of my Tesla stock," Musk tweeted on Saturday. "Do you support this?" Of the 3.4 million people who responded, 58 percent were in favor of Musk dumping his stock.
  • Despite Musk's apparent effort to include his followers in the decision, some news agencies -- such as CNBC and the New York Times -- say they believe selling the stock was Musk's intention all along. They point out that Musk is facing a $15 billion tax bill, and offloading some of his shares would lower the amount he owes.

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