3 ms·

> and then sold at a huge profit No they didn't, according to the announcment: >> Tesla will not be selling any Bitcoin and we intend to use it for transactio

> and then sold at a huge profit No they didn't, according to the announcment: >> Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.

tenpies 5y ago
Realistically we won't know until the Q2 financials are out. Note the wording "*will not* be selling any Bitcoin" not "*has not* sold any Bitcoin". There were major dumps a couple minutes before Elon's announcement. It should be no surprise if Tesla front-run Elon's announcement, knowing that it would affect the price. They'll keep a trivial amount on the financials, but I suspect the majority was off the books. They will also use this an excuse to realize revenue in what will appear to be a very lean quarter. I mean they can't exactly sell to "test liquidity" again.
- jlokier 5y ago
  They are publically on record as having bought $1.5billion Bitcoin. I don't think that counts as a trivial amount on the financials.
Axien 5y ago
Why do you need to own Bitcoin for transactions? Someone wants to buy a 50k car. They give you 50k worth of Bitcoin. You immediately sell the Bitcoin for 50k of dollars. At no time did you need to own Bitcoin before the transaction.
- toomanybeersies 5y ago
  I read it as implying Tesla intends to use BTC for outgoing payments. Of course, that would require Tesla's vendors to start accepting BTC. I strongly suspect LG Chem and Panasonic don't accept bitcoin payments.
bhelkey 5y ago
From their Q1 disclosure, Tesla made $272 Million from 'Proceeds from sales of digital assets' [1]. From the same disclosure, Tesla still holds $1,331 Million (~$1.3 Billion) of digital assets. As this is from their Q1 disclosure, they may have sold more since March 31st. [1] https://ir.tesla.com/ https://ir.tesla.com/

3 ms·

> and then sold at a huge profit No they didn't, according to the announcment: >> Tesla will not be selling any Bitcoin and we intend to use it for transactio

by jlokier 5y ago

tenpies 5y ago
Realistically we won't know until the Q2 financials are out. Note the wording "*will not* be selling any Bitcoin" not "*has not* sold any Bitcoin". There were major dumps a couple minutes before Elon's announcement. It should be no surprise if Tesla front-run Elon's announcement, knowing that it would affect the price. They'll keep a trivial amount on the financials, but I suspect the majority was off the books. They will also use this an excuse to realize revenue in what will appear to be a very lean quarter. I mean they can't exactly sell to "test liquidity" again.
- jlokier 5y ago
  They are publically on record as having bought $1.5billion Bitcoin. I don't think that counts as a trivial amount on the financials.
Axien 5y ago
Why do you need to own Bitcoin for transactions? Someone wants to buy a 50k car. They give you 50k worth of Bitcoin. You immediately sell the Bitcoin for 50k of dollars. At no time did you need to own Bitcoin before the transaction.
- toomanybeersies 5y ago
  I read it as implying Tesla intends to use BTC for outgoing payments. Of course, that would require Tesla's vendors to start accepting BTC. I strongly suspect LG Chem and Panasonic don't accept bitcoin payments.
bhelkey 5y ago
From their Q1 disclosure, Tesla made $272 Million from 'Proceeds from sales of digital assets' [1]. From the same disclosure, Tesla still holds $1,331 Million (~$1.3 Billion) of digital assets. As this is from their Q1 disclosure, they may have sold more since March 31st. [1] https://ir.tesla.com/ https://ir.tesla.com/