Elon Musk Sells Tesla Shares For $5B. Will He Buy Dogecoin?

Recent news of Elon Musk’s sale of Tesla shares shocked the markets. On Thursday, Musk had already sold 2.15 million shares worth $5 billion. After a popular Twitter poll, Tesla’s boss asked the community their opinions about the sale of shares. Musk’s stock proposals to be sold were estimated at $25 billion.

The poll had received over 3.5million votes by the time it went live. Most of the respondents believed he should liquidate the shares. Only 58 voted for the sale, but it was close. The remaining votes were opposed to the sale.

AMC Theatres Says Customers Will Soon Be Able To Pay With Shiba Inu| AMC Theatres Says Customers Will Soon Be Able To Pay With Shiba Inu

Musk’s simple Twitter poll had adversely affected the price of Tesla stocks. Tesla shares plunged 16% just two days after the poll was published, costing Musk $50 Billion. Musk seems to have followed the majority of investors, having sold some of his stock shares.

Musk sold Tesla shares

Elon Musk was a multi-billionaire who had bought Tesla shares after having to pay his income taxes. Like his previous sale in 2016, the proceeds from the sale had gone to paying the billionaire’s hefty income taxes. Musk ended up selling only 3% of his Tesla assets, rather than the 10% he polled Twitter followers about.

Dogecoin price chart from TradingView.com

 Source: DOGEUSD on TradingView.com| Source: DOGEUSD on TradingView.com

Musk is the current richest person in the world and began selling shares Monday. From the total of 2.2 million shares he acquired, he sold only 934,000 shares. The $1.1 billion he received had been used to pay his income taxes. But, it was insufficient as Musk sold another 3.6 million shares unplanned.

SpaceX CEO Tesla had made $3.88 billion through the unexpected sale. This was in addition to the income tax. Musk sold an estimated 4.5million shares. Musk will have to sell another 12.5 millions shares if he wants to keep to his original tweet poll figure.

Crypto Market Speculates On Musk’s Sale

The proceeds of Tesla share sales were used to pay income taxes. However, crypto enthusiasts have been having a lot of fun speculating about what Musk might do with the cash. Many speculated that Musk would buy more bitcoins to increase his holdings. Musk did not respond to these speculations.

Musk has been a vocal proponent of Dogecoin and many dog coin groups have started to speculate about whether Dogecoin (his favorite meme coin) will get some of this money. Matt Wallace who is a strong supporter of Dogecoin said that the market may see some money come into the meme coin from the billionaire’s sale.

SpaceX Dogecoin-Funded DOGE-1 Mission Set To Launch In Q1 2022| SpaceX Dogecoin-Funded DOGE-1 Mission Set To Launch In Q1 2022

However, there are others. skepticalMusk might make such an announcement. Wallace iterated saying that “Elon has publicly stated he owns Dogecoin. IMO there is a strong chance he will put more in now that he has a lot more cash.” Adding that it was just speculation, hence his use of the word “may” not “will.”

Only one thing is for sure when it comes to Musk’s Tesla sale, the proceeds so far have gone to offset income taxes. It remains to be seen if he will use some of the money for crypto.

Featured image taken from The World Financial Review chart at TradingView.com

Get more Crypto News at CFX Magazine