Musk’s feedback got here in response to accusations from comic Dave Portnoy that the Tesla CEO had profited from a Bitcoin pump and dump engineered via his public statements supporting the cryptocurrency.
Rejecting Portnoy’s assertion, Musk said that “Tesla offered 10% of its holdings primarily to show liquidity of Bitcoin as a substitute for holding money on stability sheet,” including:
“I’ve not offered any of my Bitcoin.”
No, you don’t. I’ve not offered any of my Bitcoin. Tesla offered 10% of its holdings primarily to show liquidity of Bitcoin as a substitute for holding money on stability sheet.
— Elon Musk (@elonmusk) April 26, 2021
As reported by Cointelegraph, Tesla Inc. offered a portion of its Bitcoin holdings within the first quarter of 2021, producing internet proceeds of $272 million.
In February this 12 months, the corporate catalyzed the crypto market bull run after disclosing a strategic acquisition of $1.5 billion value of Bitcoin — value 7.7% of its gross money place on the time.
Throughout the identical month, Tesla additionally introduced it might start accepting BTC funds for its vehicles, emphasizing that it’ll retailer the funds in Bitcoin moderately than convert into money.
Elon Musk has usually shied away from disclosing how a lot Bitcoin he holds personally, however his newest tweet suggests he’s reluctant to promote it.
On the time of writing, BTC has gained 3% over the previous 24 hours to commerce at $53,600, based on CoinGecko.