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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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?
Disney to report quarterly results on Wednesday after closing bell.
Will Inflation cool down in July?
Economists expect inflation to slightly cool down due to fall in crude oil prices.
Why did Tesla share price fall?
Tesla share price has fallen more than 8% since Friday after Elon Musk sold Tesla stock worth $6.9 billion between Aug 5-8.
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