Elon Musk loses $ 29 billion with Tesla – is Bitcoin to blame?

With the Tesla crash, CEO Elon Musk also loses a large portion of his private wealth – at least on paper.

It was just a matter of time: Die Tesla– Stock posted a heavy loss during yesterday’s US session. The US automaker’s share price fell 12 percent compared to the previous day. Tesla shares ($ TSLA) are currently available at a unit price of USD 1,023.

With a drop in value of 12 percent, it is the worst price crash for Tesla shares ever. In one day, around $ 140 billion in value was destroyed in this way. CEO Elon Musk, the automaker’s largest shareholder with 21 percent, lost a total of USD 29 billion of his personal wealth.

Land under at Tesla.

As BTC-ECHO has already reported, the crypto currency No. 1 printed a new all-time high at 68,641.57 on Monday and at the same time displaced Tesla from the 8th most valuable asset in the world. At the time of going to press, the crypto currency was trading at around USD 67,000 – a plus of 6.1 percent for the week.

Bitcoin continues to be on top.

Does the Bitcoin all-time high have anything to do with the Tesla crash?

That Tesla is falling while Bitcoin is pumping may seem surprising at first glance. After all, Tesla holds, according to bitcointreasuries.org 42,902 BTC with a total value of $ 2.87 billion. Shouldn’t the price increase in Bitcoin have had a positive effect on Tesla shares? Probably not, thinks Cake DeFi-CEO Julian Hosp. He says to BTC-ECHO:

“I don’t see any connection between the Tesla crash and the Bitcoin rally. Rather, the sales are motivated by the Tesla price rally over the past few weeks and the statement by Elon Musk that he may still be selling shares this year due to applicable taxes. “

Julian Hosp alludes to Elon Musk’s plans to sell a significant portion of his TSLA stock. The richest man in the world had made a survey on the social media platform Twitter whether he should sell 10 percent of his Tesla shares.

The background to this is discussions in the USA about the introduction of a wealth tax, in which so-called “unrealized capital gains” are subject to tax. The billionaire class in particular has recently come under strong criticism because they have a comparatively low tax burden due to their low liquid income. US Treasury Secretary Janet Yellen had therefore advocated a wealth tax in order to ensure more tax justice from her point of view.

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