Tesla Inc shares were set to open lower for the fourth session on Wednesday, putting at risk the electric-car maker's position in the $1 trillion club after top boss Elon Musk polled Twitter users about selling 10% of his stake.
Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photowere set to open lower for the fourth session on Wednesday, putting at risk the electric-car maker's position in the $1 trillion club after top boss Elon Musk polled Twitter users about selling 10% of his stake.
The world's most valuable carmaker entered the elite trillion-dollar club last month after landing its biggest-ever order from rental car company Hertz for 100,000 Tesla vehicles.The selloff was spurred by Musk's poll over the weekend asking his Twitter followers if he should sell 10% of his stake in Tesla. Nearly 58% of them backed a sale.
Call options allow an investor to bet on gains in the share price without necessarily owning the underlying stock. Both retail and institutional investors have loaded up on Tesla call options, with open interest concentrated in Nov. 12 and Nov. 19 expiries, they said.Four former and current Tesla board members, including Musk's brother Kimbal Musk, filed to sell nearly $1 billion worth of shares late last month, according to filings and market data.
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