Summary List Placement

Tesla founder Elon Musk has courted controversy with his investment in bitcoin and subsequent endorsement of the cryptocurrency on Twitter.

In documents filed with the Securities and Exchange Commission last week, Tesla announced it had invested $1.5 billion in bitcoin and would soon accept the cryptocurrency as a form of payment.

Tesla board member Antonio Gracias, who has stakes in several cryptocurrencies, may have been behind the investment. The company noted the significant risks of the decision in their filing, including volatility and regulatory uncertainty.

Bitcoin soared 16% to a record high of $44,795.20 after the announcement and shares of Tesla jumped as much as 2%. Earlier this week, the price jumped to above $50,000 for the first time.

However, Spanish tech journalist Álex Barredo pointed out on Twitter that the company acquired its bitcoin throughout January when the trading price was $34,893.

He further estimated that Tesla bought 42,069 bitcoin.

Using this level…

Continue reading…

Trending stories from over 100 sources, YouTube and Twitter
Our archive contains 181,148 news items. 563 articles added this week.