Elon Musk explained: “I didn’t sell my bitcoins”

Billionaire entrepreneur Elon Musk announced on Twitter that he never made any sales to the crypto community from his personal BTC savings. His company, Tesla, started to take profits from the Bitcoins he bought.

Musk made the announcement after comedian Dave Portnoy accused the CEO of Tesla of openly supporting Bitcoin to increase its price and then make a profit by selling.

Dismissing Portnoy’s allegations, Musk said Tesla sold 10 percent of his BTC savings and added:

“I didn’t sell my own Bitcoins.”

Tesla sold some of his Bitcoin savings in the quarter of 2021, making $ 272 million.

The company triggered a massive rise in the crypto market by announcing that it purchased $ 1.5 billion worth of Bitcoin in February this year. The amount of BTC the company buys is 7.7 percent of its gross cash.

Tesla announced in the same month that it will accept BTC payments for vehicle purchases and will keep these payments in BTC instead of cashing them.

Check Also

Ethereum Money Markets See Record Liquidations as Ether Tanks; MakerDAO Revenue Surges

“As a major correction sent ETH falling from $3,200 to $2,500 in the past week, …

Leave a Reply

Your email address will not be published.