Elon “Paper Hands” Musk Sells 3/4s of Tesla Bitcoin Holdings
Michael Saylor referred to him as “paper hands” so I’m running with it. I know the man is no fool but if he buys back higher, I may have to change that stance
Tesla Dumps Three-Quarters of its Bitcoin Holdings
“The news also weakened bitcoin’s recovery, sliding under the $23,000 mark, according to CoinGecko. However, soon after, it began to regain momentum and is trading close to the crucial level at press time.
Musk said he is not against the idea of re-accumulating BTC. Musk was quoted by Reuters as saying: ‘It was important for us to maximize our cash position… We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company.’
On Tesla’s earnings call, the company reportedly emphasized that the BTC sale in exchange for fiat currency was on the back of COVID-19 lockdowns in China, which created uncertainty for the car producer.
“It’s just that we were concerned about overall liquidity for the company given COVID shutdowns in China,” Tesla CFO Zachary Kirkhorn said.”