{"id":13487,"date":"2021-11-08T21:19:55","date_gmt":"2021-11-08T20:19:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=13487"},"modified":"2021-11-08T21:20:05","modified_gmt":"2021-11-08T20:20:05","slug":"crypto-tesla-token-drops-7-ahead-of-elon-musks","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-tesla-token-drops-7-ahead-of-elon-musks\/","title":{"rendered":"Crypto Tesla Token Drops by 7% Ahead Of Elon Musk\u2019s Dump"},"content":{"rendered":"\n

Following Elon Musk's tweet asking his followers if he should sell 10% of his Tesla shares, the crypto Tesla token has plunged 7% in value.<\/p>\n\n\n\n

\"Crypto
Crypto Tesla Token Drops by 7% Ahead Of Elon Musk\u2019s Dump<\/figcaption><\/figure>\n\n\n\n

Crypto Tesla token has dropped by 7% ahead of Elon Musk's planned dump.<\/h2>\n\n\n\n

Tesla's<\/a> crypto coin fell 6.8% after Musk polled his fans on whether he should sell 10% of his stock, according to an analyst on Twitter.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

The token in question is built on the blockchain<\/a> and is based on the company's stock. It can be traded all year long, 24 hours a day.<\/p>\n\n\n\n

Since the stock market closes on Friday, traders keep an eye on crypto token price movements to get a sense of what the price might be when the market reopens.<\/p>\n\n\n\n

Following Elon Musk's post on Sunday, the Tesla<\/use><\/svg><\/span><\/a> cryptocurrency lost over 7% of its value. According to Reuters, the stock did actually plummet more than 7% in pre-market trade on Monday.<\/p>\n\n\n\n

The poll in question was a poll in which the CEO of an electric car company asked his followers if he should sell 10% of his company's stock. The poll ended on Sunday, with 57.9% of his followers saying yes to the move.<\/p>\n\n\n\n

Elon Musk says, “I propose selling 10% of my Tesla stock because much has been made recently about unrealized gains being a means of tax avoidance.”

“I will abide by the results of this poll, whichever way it goes,” SpaceX CEO Elon Musk said before the results were in. He explains \u201cNote, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.\u201d<\/p>\n\n\n\n

Musk appears to be selling Tesla stock in order to save money for his taxes. Musk had about 170 million Tesla shares on June 30th, and 10% of that was worth more than $20 billion at Friday's close.<\/p>\n\n\n\n

The crypto<\/a> community has speculated whether the world's wealthiest man intends to buy more Bitcoin with some of the proceeds from the transaction.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Following Elon Musk’s tweet asking his followers if he should sell 10% of his Tesla shares, the crypto Tesla token has plunged 7% in value. Crypto Tesla token has dropped by 7% ahead of Elon Musk’s planned dump. Tesla’s crypto coin fell 6.8% after Musk polled his fans on whether he should sell 10% of […]<\/p>\n","protected":false},"author":29,"featured_media":13491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5383],"class_list":["post-13487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-elon-musk-tesla"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/elon-musk-bitcoin-500x280-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=13487"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13487\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13491"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=13487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=13487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=13487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}