Tesla's share price fell sharply as it recalled 21,599 domestic Model Y vehicles due to suspension problems, wiping $70 billion off its market value overnight. Tesla closed down 6.42 per cent at the close of trading on December 3rd, with a market capitalisation of $1.02 trillion and a $70bn evaporation, after falling more than 7 per cent at one point in the session. Separately, Musk sold about 934,000 Tesla shares, worth about $1.01 billion, in the latest deal, according to regulatory filings filed on December 3rd, local time.
Since November 8, Musk has sold about 10,098.2 million Tesla shares, cashing in $10.9 billion and achieving a 59 percent target.
On November 7th, local time, Musk's online poll for a 10 percent stake on Twitter turned out to be a result: nearly 60 percent supported it.
Musk has previously said, "There have been a lot of people lately who think unrealized gains are a tax avoidance tool, so I'm proposing to sell 10 percent of Tesla stock." Do you support the proposal? ”
Mr Musk said whatever the outcome, it would be based on the results.
He added: "I don't get cash wages or bonuses from anywhere, I only have stocks, so the only way I can personally pay taxes is to sell them." ”