How Much Did Tesla Really Sell? Michael Saylor Now Comments On Tesla’s Move
How Much Did Tesla Really Sell?
MicroStrategy CEO Michael Saylor tweeted about the event after Tesla disclosed in its second-quarter report on Wednesday that it had sold off 75% of its Bitcoin position.
“If you sell 75% of your bitcoin, you will only have 25% of your #bitcoin left,” he said.
As mass adoption may lead people to measure pricing in Bitcoin rather than fiat, the adage advises investors to concentrate on acquiring Bitcoin rather than on its value in US dollars.
Tesla made $963 million in cash from the sale of 75% of its Bitcoin holdings, which it then added to its cash on hand. The business lost more than $100 million by buying this Bitcoin last year for just over $1.1 billion. Tesla’s balance sheet still shows that it has Bitcoin worth about $300 million.
The biggest bull for Bitcoin may be Michael Saylor. Saylor has been largely responsible for the proliferation of cryptocurrencies over the past several years, managing well over 100,000 Bitcoin.
Institutional investors may sell off a portion of their Bitcoin holdings in response to Tesla’s move. After Tesla bought Bitcoin in 2021, a large number of other publicly traded companies included it in their balance sheets.
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