Now there is a lot of discussion about the fact that at the end of the second quarter, Tesla sold 75 percent of its bitcoins at a price of $29,000. But they were bought at the beginning of 2021 at a price much higher than this. The damage to Elon Musk is obvious. This news shocked many. Does this company really have such a bad financial situation that it was necessary to go for certain losses? Maybe Elon Musk will comment on this in the future.
Something that has always been very clear to me is that Elon Musk (and Tesla) is not in the cryptocurrency industry to make it grow, Musk is in this industry to make money whenever he can and in any circumstance. Although they have sold at a loss, I don't think it's important, because where Musk is really focused is on Doge, it is the currency that he wants to control and that is why it is the currency that Tesla accepts to buy some items. Most of Musk's fortune has been earned through manipulation.
But it turns out that Elon Musk's business in relation to bitcoin turned out to be clearly unprofitable. Tesla reportedly bought $1.5 billion worth of bitcoin in January 2021 when the price of bitcoin hit $35,000. Selling 75 percent of bitcoin at $29,000 in the second quarter of this year, the loss is in the hundreds of millions of dollars.
Apparently, Elon Musk is a good businessman, but this act of his is a little incomprehensible. Either Tesla urgently needed money, or they lost faith in the prospects for Bitcoin price growth.