Tesla Tokens Subside After Elon Musk's Twitter Tesla Sale Poll

Shumaila  |  Nov 8, 2021

On Monday morning, Elon Musk - co-founded and lead Tesla insinuated at selling a share of his stake in the electric vehicle manufacturer. Just after this, Tesla's tokens on crypto-trading exchange FTX Exchange subsided by 7.5% than its actual share price.

Musk Tweet Causes a Dip in the Tesla Tokens

Musk on Sunday posted a poll on Twitter that asks whether or not he should sell a 10% stake in Tesla. He marks down that he would "abide" by twitter's poll results, irrespective of the results. Determinative of the poll, 57.9% of 3.51 million people voted to say that Elon Musk must sell a 10% stake.

The result followed by the price movement of Tesla's tokens on FTX Exchange propounds its share price opening lower only after Wall Street opening on Monday. The Tesla tokens on FTX Exchange are subjected to business 24*7*365.

Bitcoin price move owing to Musk's Tweet

It's not the first time Elon Musk's Tweets have contrived Tesla share prices. This had happened in the past as well. The US Securities and Exchange Commission hands down Musk on account of his tweets that he might abduct Tesla private at $420 per share, a large premium to its trading price, that too during the time when funding for the transaction is secured.

Thereafter, Musk had reconciled the fraud charges with the SEC. He even agrees to retire as the chairman of Tesla and pay a fine worth $40m.

Lately, Elon Musk's tweets foresee bringing about great sinks in the cryptocurrency market, especially BTC.

One last time, on 6 October, Musk's tweet about his pet dog led to efflux in the prices of the Shiba Inu meme cryptocurrency.

In parallel, in June 2021, one of his tweets enkindled a 10% increase in the prices of Bitcoin

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