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IPFS News Link • Business/ Commerce

Musk eyes new horizons:

• https://www.dailymail.co, By ALEX BRUMMER

The decision by Elon Musk to take the advice of Twitter followers on the sale of 10 per cent of his £154billion stake in Tesla has brokers and governance mavens tut-tutting.

Dumping a share sale on the market on this scale looks to breach the Tesla billionaire's pledges to regulators and hit the share price.

Tesla's trillion-dollar valuation and Musk's domination of the electric vehicle pioneer makes everything he does market sensitive.

Yet in a year which has seen ridiculous valuations placed on special purpose acquisition companies (SPACs), and a new generation of retail investors challenge the big battalions using social media, Musk is not much of an outlier.

US regulators at the Securities and Exchange Commission may talk the talk when it comes to dangerous risk taking in shares and crypto, but they have been less than activist in calming the exuberance.

All that Musk is doing is embracing the cyber-universe by consulting followers and investors, and following a well-worn path for founder-entrepreneurs by selling shares to meet a tax liability.

In Musk's case he has an eye on the Democrat-controlled Congress which is seeking to pay for some of Sleepy Joe's spending largesse by hammering enterprise. 

That is never a great idea in America where the less well-off look up to the super-rich in the belief that with the right roll of the dice, they too could be wallowing in billions of dollars.


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