Tesl's Frankfurt-listed shares fell about 9 per cent in early trading on Monday as investors prepared for CEO Elon Musk's proposed sale of about a tenth of his holdings in the electric-car maker following his Twitter poll.
Musk had previously he would have to exercise a large number of stock options in the next three months, which would create a big tax bill. Selling some of his stock could free up funds to pay the taxes. Including stock options, Musk owns a 23 per cent stake in Tesla, the world's most valuable car company.
"The last thing you do when offloading a massive exposure is to reveal your hand," said Chris Weston, head of research at broker Pepperstone in Melbourne.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooSG - 🏆 3. / 71 Read more »