[HN Gopher] Tesla cashes out $936M in Bitcoin
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       Tesla cashes out $936M in Bitcoin
        
       Author : mattwest
       Score  : 29 points
       Date   : 2022-07-21 19:19 UTC (3 hours ago)
        
 (HTM) web link (www.npr.org)
 (TXT) w3m dump (www.npr.org)
        
       | throwawayalala wrote:
       | Elon pumped and dumped Bitcoin which is a scam in itself. His
       | factories are bleeding money. His autonomous vehicle project is
       | in shambles. All of the other car companies in world are going
       | long on EVs (factories that don't bleed money). And the stock is
       | up 10%. I don't understand it at all.
        
         | ratsmack wrote:
         | It's always funny to observe someone hiding behind a throwaway
         | account so they can come and display their envy of a rich
         | successful person.
        
           | [deleted]
        
       | guenthert wrote:
       | And how much did they lose? Not sure, why NPR couldn't spell that
       | out. So in January 2021 when bitcoin was about $33k, Tesla bought
       | bitcoin for the song of some $1.5e9, now they sold 75% of it when
       | bitcoin in $23k. Guess they needed to save on taxes ...
        
         | TrueSlacker0 wrote:
         | Cashflow is king.
        
       | hourago wrote:
       | Makes no sense that a car manufacturer is speculating on exotic
       | financial investments. You buy shares of an automaker expecting
       | cars and related stuff.
       | 
       | It's the same that Tesla betting its capital in the Super Bowl.
        
         | jimmydorry wrote:
         | Most of the other car manufacturers make a majority of their
         | money on financing services rather than making and selling
         | cars. How is Tesla parking money in Bitcoin much different when
         | most of them are essentially atttempting to make money outside
         | their specialty?
        
       | spywaregorilla wrote:
       | I'm surprised the price didn't fall more
        
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       (page generated 2022-07-21 23:02 UTC)