Billionaire entrepreneur Elon Musk took to Twitter to reassure the crypto community that he has not sold any of his personal bitcoin holdings, although his company Tesla has benefited from recent bitcoin purchases.
Musk’s comments are in response to comedian Dave Portnoy’s accusations that the Tesla CEO has benefited from bitcoin’s pump-and-dump effect through his public statements in support of the crypto currency.
Rejecting Portnoy’s assertion, Musk said Tesla sold 10% of its holdings primarily to prove the liquidity of bitcoin as an alternative to holding cash on its balance sheet, adding:
I haven’t sold any of my bitcoins.
No, it isn’t. I haven’t sold any of my bitcoins. Tesla sold 10% of its assets, primarily to demonstrate the liquidity of bitcoin as an alternative to holding cash on its balance sheet.
– Elon Musk (@elonmusk) April 26, 2021
According to Cointelegraph, Tesla Inc. sold a portion of its bitcoin assets in the first quarter of 2021, raising $272 million.
In February this year, the company catalyzed a bull market in the crypto-currency market after announcing a $1.5 billion strategic acquisition of Bitcoin – worth 7.7% of its gross cash at the time.
That same month, Tesla announced that it would begin accepting BTC payments for its cars, noting that it would hold the funds in bitcoin rather than convert them to cash.
Elon Musk has generally avoided revealing how much bitcoin he personally owns, but his latest tweet suggests he doesn’t want to sell it.
At the time of writing, BTC is up 3% in the last 24 hours, according to CoinGecko, and is trading at $53,600.
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