Tesla Shares Rise After Musk Lets Twitter Users Decide His Fate

Shareholder KoGuan Leo also called for Musk to step down from Tesla

Deputy Editor
Dec 19, 2022 at 11:00 AM
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According to a Twitter poll initiated by Elon Musk on his account, nearly 58% -- or about 17.5 million -- votes that were cast favored Musk stepping down from the social media company. Self-proclaimed "free-speech absolutist" and billionaire Musk recently came under fire for banning the accounts of at least four journalists, as well as accounts that promote certain "prohibited" third-party social media platforms. Musk said he would abide by the results of the poll, but whether or not he is following through with the promise remains to be seen.

The results of the poll are providing some tailwinds for Musk's Tesla Inc (NASDAQ:TSLA), shortly after the electric car concern's third largest shareholder, Indonesian billionaire KoGuan Leo, demanded Musk step down from his position at the company. Leo accused Musk of focusing too much on Twitter.

Leo's accusations aren't unwarranted. Despite trading 2.6% higher at $154.10 at last glance, Tesla stock has shed nearly 63% since its November 2021 all-time high. TSLA's 30-day moving average capped multiple breakout attempts over the last three months, a time in which the shares have lost more than 50% of their value.

In the options pits, bullish bets have been all the rage. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 1.22 ranks in the 97th percentile of its annual range. That sentiment is similar today, with the 573,000 calls traded already accounting for 1.8 times the amount typically seen at this point. New positions are being opened at the most popular contract, the weekly 12/23 160-strike call.

 

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