Investors in high-flying electric carmaker Tesla Inc are questioning whether Elon Musk’s $1.5 billion outlay into bitcoin will be as good for the company as it has been for the cryptocurrency . Tesla’s disclosure on Monday that it had moved nearly 8% of its reserves into bitcoin sent the price of the cryptocurrency to all-time highs, up more than 16% this week, while Tesla’s shares are down nearly 6%. Others may follow Tesla’s lead, with Twitter Inc’s chief financial officer telling CNBC that the company has considered adding bitcoin to its balance sheet. Shareholders voiced concern that the investment by Tesla, which recently joined the benchmark S&P 500 stock index, could fuel more gyrations in the company’s shares. “It will add volatility to the stock due to exposure to bitcoin,” said King Lip, chief strategist at Baker Avenue Wealth Management, whose firm has owned Tesla shares since 2015. “This is better for bitcoin than it is for Tesla.” Gary Black, former chief executive of Aegon Asset Management and now a private investor who has been bullish on Tesla since 2019, on Monday announced https://twitter.com/garyblack00/status/1358795340862873602 on Twitter that he had sold his Tesla shares. He cited the absence of a 2021… Read full this story
- A Not-So-Happy Birthday to Bitcoin
- It Was Volkswagen That Wanted In on Tesla: Report
- Elon Musk Says He's in Talks With Saudi Arabia to Take Tesla Private
- Now Tesla Has a Delivery Problem
- Cryptocurrencies Just Plummeted $13 Billion in Value Over the Course of a Few Hours
- Bitcoin jumps $400 in one day and soars to a new record high
- Tesla drops 6% as quarterly deliveries underwhelm Wall Street
- Tesla drops 6per cent as quarterly deliveries underwhelm Wall Street
- Tesla drops 6% as quarterly deliveries underwhelm Wall Street - Reuters
- What Is Tesla Without Elon Musk?
Investors lukewarm on Tesla's $1.5 billion bitcoin splurge have 290 words, post on auto.economictimes.indiatimes.com at February 11, 2021. This is cached page on wBird. If you want remove this page, please contact us.