Tesla and Microstrategy to Dump Bitcoin for Buybacks as Shares Plummets

Based on the decrease in Bitcoin, Tesla is being pressurized to sell the $1.5 billion it has in Bitcoins. Pathetically, since the electric vehicle maker divulged their crypto buy-in, the company’s shares plummeted  to a stomach disturbing 30.8%.

It has been twitted that Tesla would gain positive momentum if it gives in and gets off crypto and the aforementioned was twitted by the Chief Executive Officer of Aegon Asset Management and he further tweeted that ‘ it is highly unlikely but that shareholders would support the move’

Microstrategy, the business intelligence firm that has more than 91, 000 BTC is also suffering the same fate with tesla on the premise of Bitcoin’s price correction. The shares of Microstrategy, has also plummeted by 52.8% in less than a month.

Based on the preceding paragraph,  Microstrategy, seems not to be disturbed as Tesla because they also invested in another 205 Bitcoin, which amounts to $10 Million and which has been said to coincide with the current nosedive.

While the software company began putting its existing assets into BTC in 2020, back when Bitcoin traded at about $10,000, its latest purchases have yet to break even.





Leave a Comment