Tesla reported they made $101 million selling some of their cryptocurrency. I don’t understand how the SEC doesn’t have a serious investigation of price manipulation. Here’s the timeline:
So on 1/29/21, Elon adds #bitcoin to his handle and the of bitcoin goes up 20%. Then a few days later:
“Two days later, he said on the social medial chat site Clubhouse: “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.”
Then another week or so goes by and ….
On 2/8/21, Tesla disclosures it bought $1.5 billion of crypto (mainly bitcoin). Now the interesting thing is the timing. From the filing:
The company stated that the purchase was made after a change in investment policy last month (January)
In other words, Tesla bought Bitcoin BEFORE the tweet by Elon pushed up the price. After talking about how amazing Bitcoin and Dogecoin is for a while, today Tesla discloses…
So when did Tesla sell? Elon claims it was to prove the “liquidity” of the market. Uh, Elon, everyone can see the volume traded each day. He also says it’s not him selling but Tesla. Hey, Elon, who runs Tesla?
The bottom line is Elon manipulated the price of bitcoin up after Tesla bought it. They then sold. This is the definition of price manipulation.
(I’m not even going to talk about how they don’t make any money on their cars)
