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Elon Musk Spars with Bernie Sanders, Tesla in Focus This Week

Elon Musk enters into a duel with Bernie Sanders. The US Senator demands the wealthy to pay their taxes, Tesla CEO strikes back.

SageFX - Nov, 15, 21

*Sage FX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Principal Points

  • Elon Musk suggests he’d sell more of his Tesla holdings after offloading $7bn worth of shares
  • US Senator Bernie Sanders demands the “extremely wealthy to pay their fair share.”

Elon Musk and Bernie Sanders Square Off

By the looks of it, Tesla stock is highly likely to be in focus for traders and investors for yet another week. After last week’s dizzying gyrations, shares of the electric-vehicle maker are expected to continue their wild swings.

In detail, since Elon Musk began selling his Tesla holdings last Monday, the company’s stock has lost 15.4% of its value.

In latest signs of continuing volatility in Tesla’s share price, Elon Musk began a verbal sparring session with US Senator Bernie Sanders.

Early on Sunday, Mr. Sanders tweeted “we must demand that the extremely wealthy pay their fair share.” His comments got the attention of the world’s richest person, Elon Musk.

“Want Me to Sell More Stock, Bernie?”

“I keep forgetting that you’re still alive,” Mr. Musk said, whose personal fortune floats near $300 billion. In a follow-up tweet, the Tesla chief executive asked Mr. Sanders: “Want me to sell more stock, Bernie? Just say the word…”

So far, Elon Musk has sold Tesla shares worth around $7 billion. His selling spree comes after a Twitter poll decided he should sell 10% of his stock. On this note, he is likely to offload another $10 billion in shares if he is to meet that goal.

With this in mind, traders and investors will keep a close eye on the share price of Tesla this week.

What’s the Big Picture for Traders?

Meanwhile, in the wider financial markets, traders and investors are gearing up for another volatile week. US stock futures, for example, gravitate towards unchanged levels early on Monday, ahead of the opening bell.

Over the previous week, stocks across the board endured renewed jitters as investors digested fresh inflation data from the US.

More specifically, consumer prices in the US increased by 6.2% for October, compared to the same period a year ago. This was the fastest price growth in three decades. As a result, investors took a defensive position in stocks.

Forex markets, on the other hand, already kickstarted trading activity with the first deals of the week. To this end, the US dollar has retreated slightly from its last week’s highs against major competitors.

The EUR/USD exchange rate has advanced moderately to climb above 1.1450. Last week, however, the pair dipped to a 16-month low amid broader US dollar strength.

What’s Happening in Cryptocurrency?

Bitcoin, the first and biggest cryptocurrency, moved higher earlier today and zeroed in on $66,000 per coin. Furthermore, the orange coin remains about 5% away from its record high set last Wednesday when the price topped $69,000.

The Ethereum coin, in the meantime, is also pointing to the upside. More precisely, Ether gained over 4% earlier in the session and crossed $4,700 apiece. The second-biggest coin in the cryptocurrency market set a record high of $4,862 last Wednesday.

Economic Data Coming Up Today (EST times)

On Monday, the economic calendar is rather lightweight. Still, traders and investors could expect increased volatility in the Australian dollar at 07:30 pm. At that time, the Reserve Bank of Australia releases its meeting minutes.


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