US pre-market update: Why is Elon Musk selling his Tesla stock? US market to open higher, Inflation data in focus

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Tesla share price

How will market open today?

  • Stock futures trading higher ahead of key inflation report set to be released on Wednesday.
  • Economists expect inflation to slightly cool down due to fall in crude oil prices.
  • Coinbase stock dropped 10% on billion-dollar loss and revenue missing estimates in June quarter.
  • Disney to report quarterly results on Wednesday after closing bell.
  • Roblox fell in pre-market post below expected profit and revenue and fall in daily active users.

Elon Musk again sold his Tesla stocks

  • Tesla share price has fallen more than 8% since Friday after Elon Musk sold Tesla stock worth $6.9 billion between Aug 5-8.
  • This comes months after he had said "no further Tesla sales planned" in April.
  • Previously Elon has sold $8.5 billion worth of Tesla stock for financing $44 billion Twitter deal.
  • Elon tweeted that the sale was to avoid an emergency sale of Tesla stock if Twitter deal goes through.
  • Amid the legal battle, Elon Musk has challenged Twitter CEO Parag Agrawal to public debate on 'spam bots' issue.
  • Which company will report quarterly results today?

  • Will Inflation cool down in July?

  • Why did Tesla share price fall?