Crypto Tesla tokens dropped 6.8% on Sunday after Elon Musk tweeted whether to sell 10% of his stake in the electric carmaker. The tokens traded at $1139 in the FTX crypto exchange.
Musk’s Twitter followers responded by asking the billionaire to offload the stake. Tesla shares are now under pressure as investors speculate that its stocks could tumble as well. Elon’s fans thought it better for him to sell the stocks to raise money for taxes and other projects.
Crypto speculators hinted to stock investors that the automaker’s shares could drop when the markets re-open on November 9.
Wedbush Securities analyst says that the sale may not adversely affect Tesla’s stock demand, despite the negative signaling.
Blockchain developers created Tesla crypto tokens as a crypto version of Tesla’s stock and are open to trading 24/7.