Elon Musk, the Billionaire entrepreneur and the CEO of Tesla, said that on Twitter that he hasn’t sold any of his personal Bitcoin holdings. However, his company Tesla realized huge profits from the Bitcoins it bought a few months back.
His statement came as he wanted to assure the crypto community that he hasn’t profited from a pump and dump campaign, as alleged by the comedian Dave Portony. The comedian accused Elon Musk of engineering a Bitcoin pump and dump by making public statements in support of cryptocurrencies.
While rejecting Dave Portony’s accusations, Elon said in a series of Tweets that:
“Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet…I have not sold any of my Bitcoin”
Reports say that Tesla Inc sold a portion of its BTC holdings in Q1 2021, which generated a net proceed of US$272 million.
In February 2021, Tesla disclosed that it made a strategic acquisition of $1.5 billion worth of Bitcoin in January 2021. At that time, it was worth 7.7% of the company’s gross cash position. In fact, the same month the company also announced that it decided to accept payment for its Tesla cars with BTC. The company emphasized that it’ll keep the funds in Bitcoin itself and wouldn’t convert it into cash.
Though Elon Musk hasn’t revealed how much BTC he holds personally, it seems from his tweets that he is reluctant to sell them anytime soon. At press time, the BTC price against the US Dollar (BTC/USD pair) was trading at US$54,527.90 with the last 24-hour gain hovering around 4.02%. As of now, Bitcoin’s year-to-date (YTD) gain is hovering around 86%.
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