Yesterday Tesla released its earnings report for Q1, 2021. In February, the company bought $1.5 billion in Bitcoin. Per the report, Tesla has sold at least 10% of its position for a $101 million profit.
Both the company and its CEO Elon Musk received severe criticism from the crypto community and others. DDTG Global owner Dave Portnoy accused Musk of “dumping” his BTC on investors to “make a fortune”. Tesla’s CEO replied to Portnoy and explain the reason for his company’s decision:
I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.
As reported by NewBTC, Tesla was probably trying to achieve a specific target for this Q1 and sold part of its BTC with that intent. Data provided by The New York Times shows that the car manufacturer has a quarterly profit of $438 million an all-time high for