Surprisingly, Elon's Tesla is not so keen on hodling BTC anymore

[aoluain]

I don’t think it was his idea to sell the coins but most likely the decision of the board. What is going on with the economy right now and how Bitcoin looked like it might break $20K (which it did after they sold) they figured it was best to liquidate their position at close to break even as possible and face as loss.

From what I remember they bought at $30K and sold 10% at $60K. So selling 75% at $29K is more or less break even. They needed to raise cash and with the stock going down due to his share selling and Twitter buying. They decided it was in the best interest.

I just heard this on a radio news bulletin this evening. The article states that Teslas production
is down 18% and profits are down too. So yea looks like they were forced to sell Bitcoin rather
than a casual decision and after all why else would a whale like Tesla sell to break even, especially
after HODLing all this time?

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[Gyfts]

I don't understand why people are still concerned with Elon Musk and crypto currency, apart from the degenerate doge coin gamblers that are dependent on Elon Musk tweeting "doge" so they can do a quick sell off on the momentary price increase. Musk has made it clear, he has no intentions on using/promoting Bitcoin because of the environmental impact. It's nonsense.

[be.open]

There is something wrong in the world if the richest person is just a flamboyant Twitter clown.

[Fortify]

With the crypto winter and BTC prices looking bearish, Tesla CEO and Space X founder, Elon Musk has shipped off 75% of his shares in Bitcoin. This news comes as a surprise after his proclamation in March where he was adamant on selling his coins.
Tesla had about 42,000 bitcoins at the start of Q2 but had to sell off the majority of its coins at $29,000
 From the 2nd quarter report gathered by the company, it was revealed that the coins were sold for $963m and still has a reserve " digital asset" left of about $218m should he see the need to sell off.
 In February last year, Tesla purchased a whooping $1.5m worth of crypto and this move helped to push the value of BTC and enthusiasts labeled him the de facto  "crypto leader" but that status quickly changed the moment he renounced the acceptance of BTC as payment for his goods.
 
 Its believed that the steep decline in BTC price was what fuelled the rush to sell off. What do we make of this move? Is there a plan to bounce back when the market becomes favorable, or is the beginning of the end for Elon and crypto? https://techcrunch.com/2022/07/20/tesla-dumped-75-of-its-bitcoin-holdings/

It should be a surprise to nobody, just last year he claimed that Tesla was going to hold on to Bitcoin but it appears to have lost all nerve with the recent price declines and just wanted to cash out. No doubt Elon has got bored of playing with cryptocurrency, especially since his legal tussle with Twitter going on which is the very platform that he spams all his junk. Ironically the price of Bitcoin seems to have bottomed out and is slowly grinding it's way back up, so clearly other people are moving in to pick up what Tesla has chosen to offload. People are starting to see through the shroud of bullshit that Elon is constantly peddling for his own benefit and starting to ignore him a bit more.

[NeuroticFish]

It should be a surprise to nobody, just last year he claimed that Tesla was going to hold on to Bitcoin but it appears to have lost all nerve with the recent price declines and just wanted to cash out.

For me the surprise is that they (allegedly) bought high and sold low.
For me the surprise is that they didn't sell in Q4 2021.
For me the surprise is that people cares so much about this.

No doubt Elon has got bored of playing with cryptocurrency, especially since his legal tussle with Twitter going on which is the very platform that he spams all his junk.

I'm not sure it was Elon's call. It may have been the Tesla board...(which I expected to be smarter).

People are starting to see through the shroud of bullshit that Elon is constantly peddling for his own benefit and starting to ignore him a bit more.

Shouldn't this happen about all the personalities? They say what they think it helps them more. They do what they think it helps them more. They don't care about their followers/readers (why would they??)

[milewilda]

With the crypto winter and BTC prices looking bearish, Tesla CEO and Space X founder, Elon Musk has shipped off 75% of his shares in Bitcoin. This news comes as a surprise after his proclamation in March where he was adamant on selling his coins.
Tesla had about 42,000 bitcoins at the start of Q2 but had to sell off the majority of its coins at $29,000
 From the 2nd quarter report gathered by the company, it was revealed that the coins were sold for $963m and still has a reserve " digital asset" left of about $218m should he see the need to sell off.
 In February last year, Tesla purchased a whooping $1.5m worth of crypto and this move helped to push the value of BTC and enthusiasts labeled him the de facto  "crypto leader" but that status quickly changed the moment he renounced the acceptance of BTC as payment for his goods.
 
 Its believed that the steep decline in BTC price was what fuelled the rush to sell off. What do we make of this move? Is there a plan to bounce back when the market becomes favorable, or is the beginning of the end for Elon and crypto? https://techcrunch.com/2022/07/20/tesla-dumped-75-of-its-bitcoin-holdings/

It should be a surprise to nobody, just last year he claimed that Tesla was going to hold on to Bitcoin but it appears to have lost all nerve with the recent price declines and just wanted to cash out. No doubt Elon has got bored of playing with cryptocurrency, especially since his legal tussle with Twitter going on which is the very platform that he spams all his junk. Ironically the price of Bitcoin seems to have bottomed out and is slowly grinding it's way back up, so clearly other people are moving in to pick up what Tesla has chosen to offload. People are starting to see through the shroud of bullshit that Elon is constantly peddling for his own benefit and starting to ignore him a bit more.

What would you expect for a billionaire to do and into its business? Neither he would decide to hold or would sell off his bags if he cant able to bare the risk or doesnt really like volatility or movement of
crypto or simply he had just decided to be silent despite of accumulating even more coins.Who knows right? no one will ever know on what are the things that running into his mind.
Its his money and business then it would really be none of our business on taking up decisions on what he should do. LOL! But it is indeed true that after all the manipulative
acts that he had done in the past then its just normal that people is really getting tired of it and doesnt really care on what he would done next.

[tabas]

His company isn't one of those that are keen in holding for long term. They're not like the companies of Michael Saylor and the other ones that have always been reported buying bitcoin during the dip. They're long term investors/players in the market and that's why it's not a surprise to see Tesla sold 75% of its holding long ago before the dump has came to the market. They're on profit and there's no reason for them to ignore that chance of not making money, it's close to a billion dollars profit.

[harapan]

There is something wrong in the world if the richest person is just a flamboyant Twitter clown.

They are simply nothing since they do not affect the market negatively I mean the Bitcoin market. Since he sold the coins, has it altered the Bitcoin price in any way. The answer is a no, so why really should a Bitcoiner care over less and what's not important.
He has a big impact on the internet in these generation but are not used to promote Bitcoin. And if he's company are no longer interested in having or holding Bitcoin then it's good to worry less and stop focusing on such news and stories.

[justdimin]

Its believed that the steep decline in BTC price was what fuelled the rush to sell off.

There is no steep decline but there's only a steep rise which happened lately and maybe that causes for them to sell a good number of bitcoins because a recovery like this is now getting rare and maybe after this the price can fall again and will remain that way for some months.

What do we make of this move? Is there a plan to bounce back when the market becomes favorable, or is the beginning of the end for Elon and crypto?

Make? Or you mean to so say think? If that is well I think this move is beneficial for them because they are the ones that gains a profit while it is not beneficial for us that want's btc to rise more because the price can fell down again at any moment but yes there always a chance for the price to bounce back. I don't think this was the end for them but this rather can be a start because they will buy back again once the effect takes place.

[coolcoinz]

Pretty easy decision for him and I think maybe some of us had so this coming. Obviously, it has something to do with the current state of the market and maybe he knows that he is going to lose money short term. So as a businessman, he has to shift and keep moving his money around so that it will still grow despite the current recession that we are having. So I'm not surprised, but I don't think this is an attack to bitcoin coming from him, just a business move, in my opinion.

A shady business move to say the least. He praised it and then he criticized it. You'd expect him to do some research before investing, right? Of course he had to do it. He knew what he was buying. Attacking it and the community after dumping everything was a punch below waist.

If these companies want to buy, I have nothing against it. If they want to sell, same, but when they start to influence the price via social media it's a different story.

[coupable]

Apparently, Mr. Elon Musk would like to get rid of everything that links him to the crypto field. He has given up Twitter, which was generating a lot of money on him due to his supportive tweets for the Dodge currency, and he is selling all his Bitcoin savings at a very low price compared to the best levels he reached recently.

[Furious 7]

What's weird there, apart from taking it off now maybe in that case it's obvious he's also waiting for a lot of people to follow suit and take it back at a cheaper price, isn't that what he's always been doing.
I think he will still be the same as before because with the money he has he can freely take it off or take it back as he wants.

[livingfree]

Apparently, Mr. Elon Musk would like to get rid of everything that links him to the crypto field. He has given up Twitter, which was generating a lot of money on him due to his supportive tweets for the Dodge currency, and he is selling all his Bitcoin savings at a very low price compared to the best levels he reached recently.

He also likes to troll the internet. Although there are serious topics that he's joining this guy is the richest. He can do everything he can and things that are simple for him and his Tesla company is already extraordinary for commoners like me.

And that's why these media are taking advantage and raking money on it by making it as news that shocks the world. I don't know if it still shocks us to know what this guy is. But by the looks of a no-coiner, this is shocking to them and is going to mock us that are still holding.

[HeavensPro]

Musk is a genius of marketing and hype. Investment in crypto was also the way to seem like "we are the future" but obviously it wasn't a long-term plan. Just fast advertisement as I think

[Lanatsa]

Apparently, Mr. Elon Musk would like to get rid of everything that links him to the crypto field. He has given up Twitter, which was generating a lot of money on him due to his supportive tweets for the Dodge currency, and he is selling all his Bitcoin savings at a very low price compared to the best levels he reached recently.

He also likes to troll the internet. Although there are serious topics that he's joining this guy is the richest. He can do everything he can and things that are simple for him and his Tesla company is already extraordinary for commoners like me.

And that's why these media are taking advantage and raking money on it by making it as news that shocks the world. I don't know if it still shocks us to know what this guy is. But by the looks of a no-coiner, this is shocking to them and is going to mock us that are still holding.

They do have the finances, the money/riches, the reputation, the popularity and the power which simply means that they could all the things that they do like or whats up into their minds and mocking might not be that
right to make out some assumptions but who knows that he might be just smiling and laughing on his mind which seeing things around that he had been playing on.  

Market is composed of different industries and as a billionaire where you would normally be diving on things which you know that you could really benefit from which crypto space isnt an exemption
and now he had made out some purchases back in the past and now making some sell-off? its his full rights but people are really that serious on whining and crying on what he had done.

[TelolettOm]

Didn't Elon and Tesla often make fickle statements? Sometimes they support certain things, but sometimes Elon makes statements that actually make noise and affect the price of BItcoin to go down and up. Of course, I believe that statement has a meaning in it. We'll see later what they mean by this statement. And can they still have a strong influence on the crypto world?
If BItcoin again drops so much, it means that whales can buy more Bitcoin with very low prices, doesn't it? 

[naira]

If the decline has to be sharp first because of the sale of 75% of Testa's ownership, then why not? we prefer Bitcoin split in the hands of small traders or investors who still believe in Bitcoin. Companies like Tesla can do whatever they want to sell whenever they want without needing to make a statement in the media. How about Tesla loudly announcing that he has sold 75% of his Bitcoins? Isn't this a game? imagine Elon now in the long case about Twitter, and Tesla selling Bitcoin. It could be that all have a connection that Elon's finances are at stake. Being exposed to liquidity on a loan doesn't mean it's impossible.

[Oceat]

Didn't Elon and Tesla often make fickle statements? Sometimes they support certain things, but sometimes Elon makes statements that actually make noise and affect the price of BItcoin to go down and up. Of course, I believe that statement has a meaning in it. We'll see later what they mean by this statement. And can they still have a strong influence on the crypto world?
If BItcoin again drops so much, it means that whales can buy more Bitcoin with very low prices, doesn't it?  

I guess this is where they start their mind games like controlling the media to show what they wanna show but in reality they were all behind of that hype and fud just to control the market. I will wait and see if something is going to happen in the market then that's the answer and I'm sure there's a news that would come out soon after that massive movement in the market. And since Elon Musk is involved again then his name prolly gonna pop up and linked to a few more news.

[AmoreJaz]

Didn't Elon and Tesla often make fickle statements? Sometimes they support certain things, but sometimes Elon makes statements that actually make noise and affect the price of BItcoin to go down and up. Of course, I believe that statement has a meaning in it. We'll see later what they mean by this statement. And can they still have a strong influence on the crypto world?
If BItcoin again drops so much, it means that whales can buy more Bitcoin with very low prices, doesn't it?  

I guess this is where they start their mind games like controlling the media to show what they wanna show but in reality they were all behind of that hype and fud just to control the market.

we don't know the ultimate truth here as we are just basing on what they are disclosing to the public. who knows, while they are telling that they are selling, they are also buying but in discreet manner? we can't trust what they are giving to the public. they can take care of their own business, so you should also take care of your own.

[Zlantann]

Another media war. Why the announcement and publicity. Many companies have sold their Bitcoin without announcing it to the whole world. This action is a clear indication that Elon Musk backed Telsa is playing a secret game to undo Bitcoin. He might be working for the government of the United States or other unfriendly countries in order to get a favorable consideration for his car and space businesses. Elon Musk is becoming so powerful because he is partially controlling a share of the world economic and social media space. That is why Bitcoin must continue to build its own reputation and prestige that would give it freedom from the effect of these personality hype and blackmail.