Source: Seeking Alpha
Tesla sold 75% of its Bitcoin (BTC-USD) stake to maximize liquidity given the COVID situation in China, though Musk related that it shouldn’t be taken as “some verdict on crypto.” Total sales of the cryptocurrency amounted to $936M, prompting Bitcoin to retreat below $24K following a big rally earlier in the week. “The Bitcoin losses point out an important part of the Tesla investment case – its eccentric owner,” noted Laura Hoy, analyst at Hargreaves Lansdown. “While Musk’s impressive innovation has served the company well, his personal flair is starting to raise governance questions.
