Elon Musk Tesla Sold 10% of Its Bitcoin Holdings

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Elon Musk Tesla Sold 10% of Its Bitcoin HoldingsTesla CEO Elon Musk confirmed on Twitter that Tesla has sold about 10% of its Bitcoin holdings. This step was taken to check the liquidity of the world's largest cryptocurrency.

Musk has not sold any of his bitcoins yet. Musk's recent comments came in response to accusations by Dave Portnoy who criticized Tesla's moves for Pump and Dump Bitcoin.

So, do I understand this correctly? Buy bitcoin holder. Then pump it. go up. Then he dumps it and makes a fortune. Listen I own 1 Bitcoin but Bitcoin is exactly what we thought it was.

Dave Portnoy

 

I have not sold any of my bitcoins. Tesla sold 10% of its holdings to prove Bitcoin liquidity as an alternative to holding cash on the balance sheet

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In February 2021, Tesla revealed an investment of $1.5 billion in bitcoin. It began accepting bitcoin as payment for its products including Model S, Model 3, Model X, Model Y, and Cybertruck.

According to the latest financial results published by Tesla, the company has seen a positive impact of bitcoin sales on the results of the first quarter of 2021. The largest Tesla generated a net revenue of $272 million from its recent bitcoin sale.. Musk said the sale was to prove the value of bitcoin's liquidity. Bitcoin was unaffected by the news and is still rising moderately.

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