Billionaire Elon Musk's Tesla published on Monday that it has already sold part of its bitcoins.
Elon Musk's company had invested $ 1.5 billion in bitcoin earlier this year, following in the footsteps of MicroStrategy, a company whose CEO exchanged public messages with Musk advising him to invest and publish to "do his shareholders a favor." The cryptocurrency exchange Coinbase facilitated the purchase.
After seeing bigger gains in bitcoin than in the sale of electric cars, Tesla sold $ 272 million of its stakes, according to The Block website. His earnings report for the first quarter of 2021 shows the sum in "revenue from sales of digital assets".
Tesla said in its public report that earnings improved with reduced production costs, increased margins and bitcoin sales.
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After the sale of $ 272 million, the earnings report confirms that it still holds about $ 1.33 billion in BTC.
Last month, the company also announced it would accept payments in bitcoin. Musk said Tesla would keep these payments in its form of digital assets and would give up converting them to fiduciaries.
Update: Elon Musk explains Tesla's bitcoin sale
On a tweet recent, Tesla's CEO explained that the sale of 10% of Tesla's bitcoins essentially served to prove a point.
At 18:41, blogger David Portnoy went on twitter to comment on Tesla's BTC sale, saying, “So, am I getting this right? Elon Musk buys bitcoin. So he tries to make a pump. (Bitcoin) goes up. So he gets rid of it and makes a fortune. Listen, I own 1 bitcoin, but bbitcoin is exactly who we thought it was. Just don't be the last one holding the coin. ”
In response, Elon Musk said:
“No, you don't (understand). I didn't sell any of my Bitcoins. Tesla sold 10% of its stakes essentially to prove Bitcoin's liquidity as an alternative to keeping money on the balance sheet.“
Considering that Tesla earned about 70% over 1.5 billion dollars, what did you think of Elon Musk's position in relation to his company's cash? Leave your comment below.
See also: Buying a Tesla with Bitcoin does not make any sense, understand
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