Tesla lost $140M trading Bitcoin in 2022

https://web3isgoinggreat.com/?id=tesla-lost-140-million-trading-bitcoin-in-2022

by cunidev • 3 years ago

73 31 3 years ago

bilekas• 3 years ago

Not sure if it was just Elon who was responsible for this, but the tweet shortly after that Tesla would accept BTC surely is the same as a potential pump and dump same.

We've seen so many finally being charged for this behavior, shouldn't Elon ?

DSingularity• 3 years ago

And if it was a major investor and close friend, who promised some benefits to Musk if TSLA was to accept BTC? Good luck proving the connection.

xiphias2• 3 years ago

It was Michael Saylor, it's all public information.

Bitcoin is a volatile instrument, so any change under a few years doesn't have much information content.

pavlov2• 3 years ago

My belief is that Musk’s primary motivation for buying Twitter is that during 2021 he saw how unreasonably effective the platform is for promoting crypto to retail, and he wanted to be the one who both decides which crypto goes up and also gets a cut on all the crypto cash inflows.

That’s why he talks about payments and a “super app”. It’s a dream of a crypto pump tax built into the promotional platform itself.

Operative01982• 3 years ago

For far less than $40B he can create his own token like SBF and pump & dump it to the end of time.

And crypto adoption is not at a level where he can even hope to break even on $40B off micro transaction charges at any point in his lifetime.

eigart• 3 years ago

What if anything is known about Elon’s private crypto holdings? Wondering if it is possible he’s traded the pump and dump cycles he’s caused?

EFreethought2• 3 years ago

Sometimes he asks like Tesla is a private holding.

EFreethought2• 3 years ago

I meant to type "acts like".

jeisc• 3 years ago

Whoever is running that company should be let go

pseudo0• 3 years ago

Reporting the numerator without the denominator is a classic clickbait trick. In this case it was a 9% loss on $1.5 billion, during a period where tech stocks dropped 25-30%.

JumpCrisscross• 3 years ago

it was a 9% loss on $1.5 billion, during a period where tech stocks dropped 25-30%

If Tesla invested treasury cash in tech stocks they'd be similarly criticized.

bandyaboot• 3 years ago

“Tesla risks $1.5 billion on crypto gambling”

How’s that?

boomboomsubban• 3 years ago

That's not really the right analogy. It's more like Tesla bought a new factory for $1.5 billion, realized they couldn't use it, and sold it back for $1.36 billion.

mouse_• 3 years ago

You could also look at it as "Tesla's investments devalued 1/3rd as much as everyone else's, outperforming the majority of the competition"

Listen to me, I hate Tesla and I hate Elon even more, but being disingenuous isn't going to improve things. Everyone had a bad time during covid. If you wanna make fun of him, why not talk about the Model Y steering wheel's ability to simply fall off while driving? It's pretty hilarious.

albertopv2• 3 years ago

Is there any other car company trading bitcoin? Is it normal?

nixass• 3 years ago

Didn't you hear? Tesla is IT company and its tech stack is worth 10x all legacy car industry combined

vkou2• 3 years ago

It's fairly normal for large companies with large amounts of cash to invest it.

CaptainZapp• 3 years ago

This assertion requires a source.

I know of no other major company gambling with crypto currencies.

Not even reputable banks.

ryandvm• 3 years ago

Porsche was doing some pretty creative investing about 10 years back or so. If I recall correctly, it was working out quite well for them - until it didn't.

loandbehold• 3 years ago

Elon is chronic gambler.

detrites3• 3 years ago

On balance a rather successful one apparently.

mhoad• 3 years ago

He is the world record holder for the person to lose the most amount of money across all of recorded history.

https://www.npr.org/2023/01/12/1148634966/elon-musk-guinness...

polygamous_bat• 3 years ago

Here's a quick thought experiment. If you give $1 to everyone in the world, and if everyone uses that money over and over to play a double-or-nothing game, you will end up with around eight billionaires in expectation who did nothing but gamble with their money.

Now, you start with people with a million dollars, and all of a sudden you can reach eight billionaires with far fewer gamblers (proportionally fewer, in fact). So, given sufficient gambling tendency among millionaires, you will definitely find a handful of quite rich billionaires whose only skill is (1) being born rich, (2) getting lucky on the gambles.

Tesla lost $140M trading Bitcoin in 2022

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