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Post: Elon Musk’s Auto Company Liquidates 70% of Bitcoin Holdings and Misses Out on $300 Million Profit

Elon Musk’s Auto Company Liquidates 70% of Bitcoin Holdings and Misses Out on $300 Million Profit

Key Points:

  • Tesla has sold 70% of its Bitcoin portfolio to date.
  • Tesla’s early sales of Bitcoin resulted in a missed opportunity of over $300 million in profits.
  • Tesla remains cautious about letting go of its remaining Bitcoin holdings.
  • Tesla initially invested $1.5 billion in Bitcoin in February 2021 when BTC’s price was around $36,000.
  • Tesla’s stock price is down roughly 40% against Bitcoin since the first reported BTC balance.

Elon Musk’s Auto Company Liquidates 70% of Bitcoin Holdings

Tesla, the auto company led by Elon Musk, has sold 70% of its Bitcoin portfolio to date. This comes after Tesla’s early sales of Bitcoin resulted in a missed opportunity of over $300 million in profits. However, Tesla remains cautious about letting go of its remaining Bitcoin holdings.

Tesla’s Initial Bitcoin Investment and Performance

In February 2021, Tesla made a notable move by investing $1.5 billion in Bitcoin when its price was around $36,000. Since then, Tesla’s stock price has declined by approximately 40% compared to Bitcoin.

Hot Take:

While Tesla’s decision to sell off a significant portion of its Bitcoin holdings may have cost them potential profits, it also reflects the company’s cautious approach to cryptocurrency. This move suggests that Tesla is actively managing its investments in the volatile cryptocurrency market and is not simply hoarding Bitcoin. It will be interesting to see how Tesla’s remaining Bitcoin holdings perform in the future, and whether the company will continue to adopt a cautious stance or take more aggressive actions.


Original article: https://cointelegraph.com/news/tesla-missed-out-300m-profit-bitcoin-sales

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