Investor Naval Ravikant Threatens To Sell All Tesla Holdings If CEO Musk's Pay Plan Is Rejected But Says He'll Buy More If Approved
Portfolio Pulse from Anan Ashraf
Venture capitalist Naval Ravikant has announced that he will sell his Tesla (NASDAQ:TSLA) stock if Elon Musk's $56 billion compensation package is not approved, and buy more if it is passed. The pay package, rescinded earlier this year by the Delaware Court of Chancery, will be voted on at Tesla's annual shareholder meeting on June 13. Ravikant and other prominent investors support the package, while proxy advisory firms advise against it.
June 10, 2024 | 10:54 am
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Naval Ravikant's decision to sell or buy more Tesla stock based on the approval of Elon Musk's $56 billion compensation package could lead to significant short-term volatility in TSLA shares. The outcome of the shareholder vote on June 13 will be crucial.
Ravikant's public announcement and the upcoming shareholder vote create uncertainty around TSLA's short-term price. If the package is approved, increased buying from Ravikant and other investors could drive the price up. If rejected, selling pressure could lead to a decline.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100