Finance News
By Sydney TheCMO
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Early in the first quarter of 2021, Tesla announced that it had bought Bitcoin worth $1.5 billion.
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But news hit the wires on April 27th, 2021 that Tesla had sold 10% of its Bitcoin holdings. The news quickly elicited criticism that Tesla and Elon Musk were literally pumping…
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Tesla bought into Bitcoin at circa $33,500 and sold 10% of its stake at circa $56,000. The sale generated revenues of about $272 million, and profits of about $101 million.
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There was minimal impact on the price of Bitcoin following these headlines. The coin remained resilient and held firmly above $54,000 following a dip below $50,000 last week.
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