Tesla and SpaceX CEO Elon Musk said that he has never sold his personal Bitcoin. Elon Musk’s statement came after Tesla sold $272 million worth of Bitcoin.
Tesla announced in its first quarter report that the company earned $272 million from “selling digital assets”. In February, the company announced that it bought $1.5 billion of BTC from Coinbase, in a document submitted to the SEC.
Earlier Tesla and SpaceX CEO Elon Musk announced that Tesla-branded vehicles can be purchased directly with Bitcoin.
Elon Response To Pump and Dump Comment
Famous investor Dave Portnoy made a pump & dump comment on Elon Musk after learning that Tesla was selling Bitcoin.
Portnoy said:
Do I understand the situation correctly? First Elon Musk buy Bitcoin, pumps up the PRICE and then he dump Bicoin to makes a fortune.
Elon Replied:
No, you do not. I’ve never sold my Bitcoin. Tesla sold 10% of it to prove that Bitcoin liquidity could be an alternative to holding cash on the company balance sheet.
No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.
— Elon Musk (@elonmusk) April 26, 2021