Elon Musk Sells $3,580,000,000 Worth Of Tesla Stock
Elon Musk recently sold shares of Tesla for billions of dollars for the 4th time in 2022. The cryptocurrency community is confused about the potential effects this may have on his holdings of BTC, DOGE, or even Tesla’s Bitcoin.
Musk sold a large number of shares of his company
According to a statement with the U.S. SEC, Musk sold 3.58 billion USD worth of shares from Monday to Wednesday.
The purpose of Musk’s intended usage of the funds is presently unknown. The crypto community naturally makes predictions regarding what will happen to the money.
Since April 2022, when Musk first hinted at the now-completed takeover of Twitter, the businessman has sold 23 billion USD worth of Tesla’s shares.
The money from earlier Tesla stock sales probably went toward Musk’s $44 billion-plus purchase of Twitter. This pricey takeover has likewise not been roses for the millionaire.
The mainstream media has been critical of the Tesla CEO in recent weeks. Some significant businesses discontinued doing Twitter ads.
Musk acknowledged that this has resulted in a significant loss of income. But since April, the value of Tesla’s stock has also decreased by more than 50%.
Many investors worry that Musk is spending too much time on Twitter and is no longer concentrating on Tesla.
What will Elon Musk buy? BTC or DOGE
It is unknown if Elon or Tesla shares the view that the current circumstances present a good chance to purchase Bitcoin for a low price.
There is currently no Bitcoin on-chain data that would support such an activity. It also seems extremely implausible that Musk would use his Tesla stock to buy Dogecoin.
If not, there would undoubtedly need to be a significant increase in the price of DOGE. It won’t be known whether Tesla will purchase the BTC dip until its Fourth-quarter earnings report, which is scheduled on the 25th of January, 2023. Of its BTC holdings, Tesla has sold 75% of them.
10,500 BTC are believed to be its current remaining assets. The electric vehicle manufacturer stated in its most recent quarterly report that it neither bought any more Bitcoin nor sold any of its existing Bitcoin holdings during the Q3 of 2022.