Tesla-linked crypto tokens are trading 5% below the stock's current price as traders react to possible Musk share sale
- Tokenized Tesla stock is trading 5.3% lower on Monday compared to Friday's closing price of the actual shares of the EV maker.
- The token's price may reflect opinions on the direction of the stock after a poll from Musk over the weekend.
- The Tesla chief asked Twitter on Saturday if he should sell about $20 billion worth of stock,
Tokenized Tesla stock is trading at a discount to the actual share price of the electric vehicle maker.
Tesla crypto tokens are trading at $1,157.00 as of 8:39 a.m. ET Monday according to data from crypto exchange FTX. That is 5.3% lower compared to the actual Tesla stock, which closed at $1,222.09 on Friday.
The move comes ahead of what is likely to be a volatile day for the stock on Monday following a poll by the Tesla chief and world's richest man that asked Twitter users to vote on whether he should sell about $20 billion worth of stock.
Elon Musk on Saturday asked his 62 million followers whether he should sell 10% of his Tesla stock, pointing to criticisms that unrealized gains are often viewed by the public as a means of tax avoidance.
After 24 hours, 3.5 million people voted in the poll. Around 57.9% were in favor of him selling the shares while 42.1% voted no.
The Tesla CEO has pledged to abide by the results, "whichever way it goes."
Some critics of billionaires' staggering wealth were not placated by the move. Sen Ron Wyden used the opportunity to continue to push for a Billionaires Income Tax.
Musk hit back with a vulgar tweet.