Elon Musk’s Tesla sells 10 per cent of its Bitcoins, here is why

Elon Musk and Tesla have been among the biggest believers in cryptocurrency. However, the latter recently sold 10 per cent of its holdings in cryptocurrency.

Elon Musk and Tesla have been among the biggest believers in cryptocurrency. However, the latter recently sold 10 per cent of its holdings in cryptocurrency, the Tesla chief has confirmed while clarifying that his personal investment remains unchanged. The Tesla and SpaceX CEO was responding to a tweet by Barstool Sports founder Dave Portnoy, who questioned Musk's sale of Bitcoins and claimed that he had bought the cryptocurrency and made a fortune by selling it a higher price. The tweet came after Tesla presented its first-quarter earnings report on Monday which revealed that it had sold $272 million (around Rs 2,030 crores) worth of its Bitcoin holdings. “So am I understanding this correctly? @elonmusk buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune. Listen I own 1 #Bitcoin but #bitcoin is exactly who we thought it was. Just don’t be last 1 #HODLing the bag,” Portnoy tweeted.