• Tesla and SpaceX have sold around $373 million worth of Bitcoin acquired since 2021.
• Elon Musk, the CEO of SpaceX, declared the company’s plan to procure $1.5 billion worth of Bitcoin in 2021.
• Tesla’s Q2 2023 financial report indicated that it had sold over 30,000 BTC for $936 million during the second quarter of 2022.
Overview
Tesla and SpaceX, two companies co-founded by Elon Musk, have reportedly sold around $373 million worth of Bitcoin acquired since 2021. The sale was confirmed in Tesla’s Q2 financial report for 2023 which stated that they had sold over 30,000 BTC for a total of $936 million.
SpaceX’s Bitcoin Investment
In 2021, Elon Musk publicly announced that his company SpaceX had acquired a specific quantity of Bitcoin after submitting a statement to the U.S Securities and Exchange Commission. This announcement drove the price of Bitcoin up above $43,000 at that point in time and likely played a role in fueling its recent surge over 2017 levels this year.
Tesla’s Sale
According to Tesla’s Q2 2023 financial report, the company sold off its remaining Bitcoin holdings valued at $184 million during this period. These holdings were initially purchased for an estimated amount of 1.5 billion BTC but 75% was sold off for a total profit of nearly 936 million dollars.
Musk’s Twitter Influence
Elon Musk is no stranger to cryptocurrencies with his frequent use social media to share remarks about Dogecoin and Bitcoin as well as changing Twitter’s icon into the DOGE Shiba Inu logo back in 2023 when he acquired Twitter for 44 billion dollars (later renamed X). He also hinted at new potential ways for Twitter to encompass ‚the entire financial world‘ involving services such as banking or payments systems using crypto assets such as Dogecoin or Ethereum .
Conclusion
The exact timing surrounding SpaceX’s speculated sales remain uncertain but it appears that both Tesla and SpaceX have profited from their investments into cryptocurrency assets like Bitcoin or Dogecoin despite their recent dip in prices due to market corrections earlier this month . Despite this , investors still remain optimistic regarding crypto assets given their growing popularity among institutional investors who are now increasingly embracing digital currencies such as Ethereum , Litecoin , NEO , Ripple etc .