Tesla sold some of its bitcoins

28.04.2021 |

From the report Tesla for the first quarter of this year, it became known that the manufacturer of electric cars finally sold some of its bitcoins in the amount of $272 000 000. The profit from this transaction amounted to more than $100 000 000, which showed a good profitability, and if we consider the term of the investment, it was just excellent.

After the information became publicly available, a number of Internet users accused Elon Musk of pump and dump stock technology. That is, by creating a favorable information background and buying bitcoins, the developer of electric cars pumped up the market and accelerated the price, and when it rose, he dumped his assets.

To this, the company said that there is no goal to sell all available cryptocurrency at this stage, and the transaction amounted to only 10% of the total amount of digital gold reserves. Tesla intends to continue to accumulate bitcoins in its accounts, and there are still no plans to sell new cryptocurrency proceeds from car sales. The deal itself was made not for profit, but to test the liquidity of the market - how exchanges will react to the one-step sale of a fairly large volume of coins.