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I'm sure this is not a huge surprise to many of you guys out there, but Elon Musk has made the news again
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He recently posted a poll to his Twitter following, asking if he should sell his 10% stake of Tesla shares
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If we pull up his Twitter posts, it reads, much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock
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He then asked in a Twitter poll, do you support this, with over 54% currently saying yes
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Now, shortly after that, he did write that I will abide by the results of this poll, whichever way it goes
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so he is confirming whatever the results are, he will follow it. Now, this post has already garnered over 1.1 million votes
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with 53.5% of voters voting yes for the sale, while only 46.5% vote no
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Although there are still 20 hours left to the poll, it appears Elon Musk will be selling 10% of his stake in Tesla's stock
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Now, at the time of this video, Tesla's market cap sits at roughly $1.2 trillion
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and with Musk controlling around 20% of the company, the results of this Twitter poll will literally decide the fate of 24 billion dollars worth of Tesla stock That going to be about 19 million shares of Tesla stock Now technically there nothing stopping him from selling it all in one single
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go. And as the CEO, he is completely within his rights to do so. He can sell any time he wants
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The only requirement for him is he has to disclose the sale to the SEC within two business days
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Now, this is very unlikely to happen in just one single day. He's likely going to spread it out
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among several different days or weeks to avoid flooding the market. If we looked at the volume for
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Tesla over the past day, this would be nearly an entire day's worth of volume for Tesla stock
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Now, clearly Musk is a smart guy. He knew ahead of time how the results of this poll would shake
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out. So the real question becomes, how do you think Musk will spend his money? Let me know
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down below what you guys think about this news and how you think Tesla's going to react come Monday
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I personally do have several short put options, so I'm quite long against Tesla at the moment
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so we'll see if this ends have cost me some money. We could see a pretty massive sell-off
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in Tesla stock on Monday, even with that $1.2 trillion infrastructure bill passing
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But we'll have to see what happens on Monday to see how it shakes out. Either way, I hope you guys all have an amazing rest of your weekend
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and I'll see you all the next video
