TSLA stock plunged more than -11% on November 9, 2021, as speculation grew as to why Elon Mush and family was dumping a large amount of shares.
Personally I don’t think there’s much to be made of this issue as Musk made it clear on Twitter what he was doing.
Big Short’s Burry questions reason for Tesla CEO stock sale plans, Insider says
Michael Burry, the head of Scion Asset Management and investor of “The Big Short” fame, rejoined Twitter this week to suggest Tesla CEO Elon Musk my be making excuses regarding the real reason he has said he may be selling 10% of his shares in the electric car maker, according to Insider’s Theron Mohamed. “Regarding what @elonmusk NEEDS to sell because of the proposed unrealized gains tax, or to #solveworldhunger, or … well, there is the matter of the tax-free cash he took out in the form of personal loans backed by 88.3 million of his shares at June 30th,” the investor is said to tweeted in a message on Twitter than now appears to have been deleted, according to the report. Source: https://markets.businessinsider.com/news/stocks/big-short-michael-burry-elon-musk-tesla-stock-market-bubble-2021-11
Brother of Elon Musk sold 88,500 Tesla shares last week
Kimbal Musk, Tesla director and brother to CEO Elon, disclosed last night the sale of 88,500 shares of Tesla on November 5. Kimbal sold the stake for an average price of $1,229.91. He still owns 511,240 shares of Tesla.
Musk says Twitter poll to decide if he sells 10% of Tesla shares
On November 7, 2021, Tesla CEO Elon Musk said yesterday on Twitter: “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this? I will abide by the results of this poll, whichever way it goes. Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock. At the Code Conference in September, Musk noted, according to CNBC, “I have a bunch of options that are expiring early next year, so … a huge block of options will sell in Q4 – because I have to or they’ll expire.”
PepsiCo expects to get Tesla electric trucks in Q4, Reuters reports
On November 8, 2021, Reuters reported that PepsiCo (PEP) expects to get its first set of Tesla (TSLA) electric trucks in Q4 after reserving 100 of the vehicles in December 2017 in an effort to cut fuel costs and fleet emissions, Reuters reports, citing a CNBC interview with PepsiCo CEO Ramon Laguarta. Transportation makes up 10% of the company’s gas emissions and it plans to use the trucks to ship snacks and beverages between manufacturing centers, distribution centers and retailers. Source: https://www.reuters.com/business/pepsico-buying-electric-trucks-tesla-cnbc-2021-11-08/
TSLA stock technical analysis
The rising large players volume looks good, even with the big down day on November 9, 2021. TSLA has an excellent technical rating, but the quality of the setup is only medium at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when TSLA stock is a good entry.