Elon Musk sold Tesla stock for $5B. Will he buy Dogecoin?

The news of Elon Musk’s sale of Tesla shares recently shook the market. The billionaire sold a total of 2.15 million shares on Thursday, worth $5 billion. The sale was carried out after a widely accepted poll that revealed that Tesla’s boss had set up a survey on Twitter earlier to ask the community what they thought of his sale of shares. then, Musk’s proposed sale is worth approximately $25 billion.

After the voting began, it received more than 3.5 million votes, and most people said he should sell the shares. Although only 58 people voted for the sale, it was a close decision. The remaining votes are against the sale.

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Musk’s simple Twitter polls adversely affected the price of Tesla’s stock. Two days after the poll began, Tesla’s stock price fell 16%, causing Musk to lose $50 billion. Now, Musk seems to support most people because he eventually sold some of his stock.

Why Musk sells Tesla shares

Billionaire Elon Musk sold Tesla shares to pay the income tax that he generated after acquiring 2.2 million shares. Just like his last sale in 2016, the proceeds from the sale are used to pay the billionaire’s huge income tax. However, Musk eventually sold only 3% of his Tesla shares instead of the 10% he surveyed his fans on Twitter.

Doge price trending around $0.25 | Source: DOGEUSD on TradingView.com

Musk, who is currently the richest man in the world, began to sell stocks on Monday. He initially sold 934,000 of the 2.2 million shares he bought. This is equivalent to 1.1 billion U.S. dollars to pay his income tax, but it turns out that this is not enough, because Musk had to sell another 3.6 million Tesla shares unplanned.

During the course of Tuesday and Wednesday, SpaceX and Tesla CEOs raised $3.88 billion from unplanned sales, and again used the proceeds to pay income taxes. So far, Musk has sold 4.5 million shares in total. If he insists on the original figures published in the Twitter poll, then the CEO will need to sell another 12.5 million shares.

The crypto market speculates on Musk’s sale

Although the proceeds from the sale of Tesla shares were used to pay the income tax generated by the billionaire, the cryptocurrency community has been speculating about how Musk will handle all the funds. Some people speculate that he might buy more bitcoins to increase his existing assets. However, Musk did not participate in any of these speculations.

Now, the Dogecoin community, which Musk strongly supports, has begun to wonder whether his favorite meme coin, Dogecoin, will see some of the money. Matt Wallace, a staunch supporter of Dogecoin, said that the market may see some money flow into memecoins from the billionaire’s sale.

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However others Skeptical Musk will make such a move. Wallace repeatedly said: “Elon publicly stated that he has Dogecoin. IMO now he has more cash, and it is very likely that he will invest more.” He added that this is just a guess, so he used “may” instead. Not the word “will”.

When it comes to Musk’s Tesla sales, only one thing is certain. So far, the proceeds have been used to offset income taxes. It remains to be seen whether he will use part of his funds in cryptocurrencies.

Featured image from The World Financial Review, chart from TradingView.com

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