Bitcoin Sinks More After Elon Musk Sends Out Another Tweet

According to a recent tweet from the chief executive of electric vehicle maker Tesla, Elon Musk, Tesla may have sold its stake in Bitcoin or may be going to.

Musk implied in a Twitter exchange Sunday afternoon that Tesla had sold or may sell the rest of its bitcoin holdings.

As a result, Bitcoin dragged 8% in the afternoon to around $44,000 a coin.

This tweet comes just days after Musk revealed that Tesla has planned to hold its stake in Bitcoin that it already has rather than sell it.

A Twitter user with the handle @CryptoWhale had said, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…”

Musk replied, “Indeed.”

Tesla did not immediately respond to a request for comment.

In an SEC filing in February, Tesla had said it bought $1.5 billion worth of bitcoin. The company later said it registered a net gain of
$101 million from sales of bitcoin during the quarter.

Last week Tesla said it had “suspended vehicle purchases using bitcoin,” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining.”

Investor Fred Wilson, a founding partner of Union Square Ventures, tweeted Friday: “He’s playing games. It is hard to take anyone who does that seriously. I’ve lost enormous respect for him over the last year because of it.”

Wilson added, “Deep respect for what he does with his talents. Less for what he does with his tweets.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.