Less than a year ago, Elon Musk tweeted “Tesla stock price is too high imo”
The stock quickly dropped 10% and even Tesla’s biggest Fanboys were asking him to shut up. The stock is up 5X since and all has been forgiven.
In an SEC filing Monday, Tesla stated “we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
While TSLA initially popped Monday along with BTC, both are down today as Reuters published “Elon Musk wants clean power. But Tesla’s carrying bitcoin’s dirty baggage“
So is Musk clueless about the irony of the world’s most well know “Green” Company endorsing gold mining and the world’s most energy intensive and greenhouse gas emitting cryptocurrency? Let’s hope he has a trick up is sleeve…maybe in a few months he will announce that Tesla has switched to more planet friendly proof of stake crypto (like Cardano or Nano), or better yet, has gone for a proof of impact currency like Solar Coin. To save face, Elon can even tweet about how much attention he brought to the negative environmental impacts of bitcoin.