Elon Musk has asked his millions of Twitter followers whether to sell 10% of his Tesla stock. The question is what to do with the proceeds, and bitcoin proponents, such as Michael Saylor and Max Keiser, have explained the benefits if he decided to buy BTC with the money.
Musk to Sell 10% of His Tesla Stock?
The CEO of the world’s largest EV maker took a rather unorthodox approach in regards to his financial future. He asked his multi-million fan base on Twitter whether he should sell 10% of his personal Tesla shares.
While many in the comments have speculated on what could be the real reason behind his contemplation, Musk argued that it’s because of the recent discussion about tax avoidance and unrealized gains.
With just a few hours left until the poll’s deadline (as of writing these lines), the majority of answers are in favor of Musk indeed selling 10% of his Tesla stock, which is estimated to be worth around $25 billion.
Moreover, Musk later added that he will “abide by the results of this poll, whichever way it goes.”
Saylor and Keiser: Buy Bitcoin
Regardless of personal opinions on Musk, he’s a polarizing figure that attracts attention whatever he does. And, such a post that can decide the faith of $25 billion definitely garnered people’s attention.
The propositions below the poll on what he should do with the funds if sold ranged wildly. One of the most liked ones, though, came from MicroStrategy’s CEO – Michael Saylor.
The prominent BTC bull, staying true to his nature, advised Musk to consider purchasing $25 billion in bitcoin and also convert Tesla’s entire balance sheet to the cryptocurrency. Saylor, whose company already owns more than $7 billion in BTC, believes this move would “deliver diversification, inflation protection, and more upside for all investors in a tax-efficient manner.”
If the goal is diversification, an alternate strategy to consider is converting the $TSLA balance sheet to a #Bitcoin Standard and purchasing $25 billion in $BTC. That would deliver diversification, inflation protection, & more upside for all investors in a tax efficient manner.
— Michael Saylor
(@saylor) November 6, 2021
CryptoPotato also reached out to Max Keiser, the host of Keiser TV and long-term bitcoin proponent, who has spoken against some of Musk’s decisions in regards to bitcoin in the past.
Keiser reiterated his belief that “you don’t change bitcoin, bitcoin changes you” and added that Musk has learned from his previous mistakes and “given up his dalliance with shitcoins” – referring to Musk’s love affair with Dogecoin.
Furthermore, Keiser added that Tesla’s CEO seems “ready to let Satoshi do to this decrepit, decayed, corrupt financial and political system what we have been unable to do ourselves: Pull the plug.”
Although the chances of Musk indeed buying BTC with all of his proceeds seem rather slim, to say the least, Keiser asserted that the billionaire could become the “new Dr. Kevorkian of finance” if he indeed does this.
“Let’s pray Elon follows up, sells his TSLA stock, moves the proceeds into bitcoin, and kicks off a global rout in these Potemkin stock and bond markets that are killing us with malfeasance, kleptocracy, and hyperinflation.” – Keiser noted.
