Outraged at the manipulation of virtual currency, the online community created a coin to oust Elon Musk from Tesla

After a series of tweets that shook the virtual currency market, billionaire Elon Musk is becoming the focus of criticism of market participants. The fury of the virtual currency community increased when they declared war on this billionaire with a new virtual currency project called STOPELON, created with the mission of “Destroy the biggest market manipulator of all”. .”

Like its name, this coin is designed to remove Mr. Musk from the position of CEO of Tesla. STOPELON’s plan includes 5 steps with the ultimate aim of using the capital raised through the STOPELON coin project to buy Tesla shares. Holders of this coin hope, with enough shares, they will take control of Tesla and remove Elon Musk from the company.

Symbol of coin STOPELO

This plan sounds feasible when as of December 31, 2020, Mr. Musk only owns about 22% of Tesla shares (about $ 122 billion at Tesla’s current capitalization). However, the real obstacle lies in the majority voting rights according to the company’s charter. Essentially, at least two-thirds of shareholders must vote on important changes, such as mergers, acquisitions, or changes in management compensation.

This means that STOPELON holders must win the support of 80% of Tesla’s shareholders in order to carry out their coup – an almost impossible task. Moreover, according to the company’s 2018 bonus rules, Mr. Musk is about to receive another million bonus shares every time the company does well. This makes the possibility of success for STOPELON’s plan even smaller.

Despite this, the developers of this project also try to make their coin more attractive to investors, as it also has some characteristics such as a 40% destruction rate of the total 1,000 billion. Coins are issued to fight inflation. In addition, the 6% transaction fee is also refunded to the holder.

Only a few hours after its launch, the coin saw a steep increase in price

Just a few hours after its launch, the STOPELON token has seen a price increase of 512%. No matter how feasible it is, this virtual currency project is also a demonstration of the community’s anger at Elon Musk’s blatant manipulations of virtual currency prices.

It remains unclear whether the coin’s price movement will escape the influence of Mr. Musk’s tweets.

Refer to WCCFTech