Billionaire entrepreneur Elon Musk has taken to Twitter to assure the crypto community that he has not sold any of his personal BTC stash, despite his company Tesla making a profit from his recent Bitcoin purchases.
Musk’s comments came in response to allegations made by comedian Dave Portnoy that Tesla’s CEO had benefited from a Bitcoin pump and dump designed by his public statements in support of the cryptocurrency.
Musk dismissed Portnoy’s claim, stating that “Tesla has sold 10% of its assets, essentially to prove Bitcoin’s liquidity as an alternative to holding cash on its balance sheet,” added:
“I haven’t sold any of my Bitcoin.”
No you will not do that. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings, mainly to prove Bitcoin’s liquidity as an alternative to holding cash on its balance sheet.
– Elon Musk (@elonmusk) April 26, 2021
As reported by Cointelegraph, Tesla Inc. sold some of its Bitcoin holdings in the first quarter of 2021, generating net proceeds of $ 272 million.
In February of this year, the company catalyzed the crypto market’s bull run after unveiling a strategic acquisition of $ 1.5 billion worth of Bitcoin – worth 7.7% of its then-gross cash position.
In the same month, Tesla also announced that it would start accepting BTC payments for its cars, emphasizing that the money will be stored in Bitcoin rather than converted to cash.
Elon Musk has usually shied away from revealing how much Bitcoin he personally owns, but his latest tweet suggests he is reluctant to sell it.
At the time of writing, BTC has gained 3% in the past 24 hours to trade at $ 53,600, according to CoinGecko.