Investors Dumps Tesla(TSLA) Stock, Hits Two Year Low

YEREVAN (CoinChapter.com) – Elon Musk, the billionaire chief executive of Tesla, SpaceX, and now Twitter, sold $4 billion worth of Tesla shares (NASDAQ: TSLA) on Nov 9, according to regulatory filings, bringing his total TSLA sales to $11 billion since Aug 2022.

Tesla Shares(TSLA) dump to $177, lowest since Nov 2020

The CEO allegedly unloaded the stocks to finalize the Twitter buyout deal. Thus, some experts believe the decision shattered what was left of his credibility.

Wedbush Securities tech analyst Dan Ives, for example, shared his concerns, calling the Twitter buyout deal “one of the most overpaid in the tech sector’s history.” The analyst also called the deal an “albatross around the necks of Tesla shareholders.” The event got Dogecoin investors worried as well. But, before referring to DOGE, a closer look at Tesla shares is warranted.

Pump and Dump?

Meanwhile, sources report that several weeks prior to the $4 billion dump, Dogecoin daddy pumped TSLA shares. The billionaire commented that Tesla could become as big as Apple, combined with Saudi Aramco, the Saudi Arabian Oil Company with $60 billion in annual revenue.

The CEO noted that reaching that goal would take much work and dedication. However, some TSLA investors, including Ives, felt cheated all the same after the shares dump. Furthermore, the whale activity tracking platform @unusual_whales detected a possible pump and dump. “Someone always knows,” read the tweet, as the platform detected a spike in activity prior to the dump.

As Dogefather scrambled to finalize the Twitter buyout, TSLA shares slumped t $177 on Nov 10.

What should Dogecoin investors expect?

Dogecoin has been Musk’s favorite digital asset, referenced as such on numerous occasions. According to the billionaire, Bitcoin and Dogecoin are the only digital assets in his portfolio. However, the fact that he sold TSLA shares got crypto investors worried that DOGE could meet the same fate.

Others in the Twitterverse relied on Musk to lead the DOGE community and asserted that Dogecoin is now stronger than other altcoins.

Elon musk pumped doge before this all because he knew this would happen. And now Doge didn’t break crucial support so it can survive the dump. Unlike other alts that will perish.

commented the user.

DOGE charts follow Bitcoin

While Dogecoin holders speculated on Twitter, DOGE plunged 7% in the previous 24 hours, bringing the total weekly losses to 36%. As a result, the DOGE/USD exchange rate stood at $0.083, mimicking Bitcoin’s fluctuations.

The crypto market turned south regardless of Elon Musk’s decisions. However, the billionaire could further exacerbate the bearish expectations if he dumps his BTC or DOGE stash.