Tesla, Microstrategy stocks react
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$67,911.00
3.29%$3,278.54
3.30%$581.00
1.76%$183.03
6.60%$1.00
-0.02%$0.603714
0.66%$3,277.13
3.25%$0.134342
7.33%$6.72
1.72%$0.417577
5.81%$0.137557
1.56%$28.70
5.28%$67,875.00
3.31%$0.00001698
3.53%$13.54
4.66%$5.87
2.01%$377.49
4.40%$5.73
5.74%$7.69
5.43%$5.82
-0.63%$71.33
3.62%$0.00001205
4.99%$3,421.42
3.24%$0.514741
3.54%$9.72
-2.12%$0.181639
3.08%$22.94
3.77%$6.97
5.17%$0.998888
-0.03%$1.28
6.98%$0.103202
0.98%$161.76
-0.35%$0.854308
2.34%$1.85
2.94%$6.79
10.41%$2.67
6.15%$4.64
10.58%$25.87
8.36%$351.60
7.35%$2,655.68
0.37%$41.00
2.88%$0.091399
2.45%$0.068233
3.29%$0.72767
4.16%$6.16
4.15%$1.54
5.54%$0.02845627
4.09%$31.12
3.81%$1.00
-0.03%$0.00002856
5.57%$0.787994
5.21%$1.74
2.52%$0.200983
6.17%$3,669.60
3.23%$0.0001809
3.45%$3,326.90
3.28%$3,415.87
3.51%$1.14
3.42%$4.68
5.00%$1.51
7.42%$0.01433938
5.16%$97.89
5.33%$10.10
0.05%$1.073
12.17%$1.002
5.23%$0.397489
7.09%$1.58
3.43%$0.02898408
4.21%$0.132699
9.81%$0.462058
6.21%$1.37
4.08%$6.00
4.94%$0.372688
4.72%$0.142709
4.11%$3,274.70
3.29%$73.13
1.73%$0.674033
6.15%$1.20
-0.23%$7.59
1.47%$220.49
6.66%$9.68
2.27%$0.942435
15.57%$0.0182714
6.58%$33.58
2.93%$6.09
7.09%$5.30
0.02%$27.04
2.14%$44.85
5.42%$0.02371752
5.45%$0.578924
3.83%$0.01932072
2.90%$0.00000087
4.06%$10.43
3.07%$3,337.31
3.27%$11.65
4.84%$39.00
10.26%$0.46485
8.56%$1.31
6.21%$3.25
4.69%$0.77876
4.63%$0.328601
7.00%$2.33
-0.18%$0.175761
19.87%$1.00
-0.20%$2.07
3.80%$2.36
11.53%$0.537815
4.81%$0.00003513
5.09%$0.00000033
5.49%$0.00765804
0.70%$1.21
2.85%$3,533.49
3.24%$0.997213
0.00%$0.341481
6.46%$2.41
10.09%$0.070221
4.98%$3,276.66
3.35%$0.00000172
1.04%$3.93
6.07%$1.00
0.07%$0.08848
4.16%$0.00863852
8.24%$0.522778
5.33%$0.161371
3.32%$2,386.06
0.91%$0.528782
10.38%$1.74
5.45%$215.52
-1.25%$0.165025
4.23%$0.01243954
3.66%$9.55
2.28%$3,484.69
3.25%$0.143728
3.65%$0.789118
5.70%$0.075182
4.43%$0.290611
3.88%$4.72
3.04%$0.936795
15.48%$15.10
5.51%$3,576.90
3.17%$0.68108
4.23%$1.00
0.03%$1.16
1.13%$32.48
7.79%$0.03121787
0.72%$0.00008536
4.69%$0.369795
2.29%$1.98
2.83%$0.069007
4.06%$0.419335
6.89%$67.80
-2.87%$0.520654
12.25%$25.64
3.13%$2,387.56
0.84%$0.00426349
7.53%$0.00000043
1.32%$1.022
3.07%$0.04496552
2.47%$1.025
0.55%$0.081552
6.53%$0.999607
0.49%$0.00587262
3.86%$3.23
23.71%$0.482139
3.32%$0.054447
1.99%$3.98
1.75%$3.26
0.46%$0.198187
4.63%$3,391.56
3.14%$2.20
7.18%$0.971896
7.15%$0.781248
-1.62%$1.46
7.03%$0.780417
10.93%$51.38
3.29%$65.88
3.25%$0.01547959
4.50%$0.152054
6.61%$0.346757
7.00%$0.551987
5.11%$0.187508
18.62%$16.38
4.08%$0.394841
12.07%$0.188448
5.17%$1.71
7.26%$21.54
4.85%$0.487217
3.22%$8.19
0.89%$0.602401
7.85%$0.190294
-4.31%$0.01721543
5.10%$0.04807808
-1.65%$26.97
4.74%$0.138302
5.31%$7.44
3.30%$0.266699
5.57%$0.00092251
-1.86%$0.189315
4.85%$6.77
16.64%$0.03080922
5.62%$0.00533484
5.15%$0.56745
5.57%$0.00170873
3.71%$2.57
8.45%$0.02861366
5.52%$0.741417
10.15%$1,363.46
3.37%$1.31
6.23%$0.02963297
2.29%$0.271617
6.68%$3,442.82
3.30%$0.192895
4.88%$1.98
-0.08%$0.396872
3.16%$67,770.00
3.30%$0.416455
5.89%$2.98
12.04%$29.55
3.04%$0.01551045
2.61%$49.22
9.19%$0.07397
3.77%$2.58
5.58%$2.59
5.04%$0.0191106
3.20%$0.00526838
5.56%$71.83
7.89%$0.02124297
3.13%$0.307883
7.70%$0.04861095
7.16%$3.81
4.55%$0.999546
-0.06%$0.696324
4.08%$3,425.08
3.16%$2.10
16.70%$0.00431693
3.42%$0.284434
1.63%$0.48588
2.66%$33.33
5.59%$2.37
4.43%$0.02927092
4.06%$2.82
-0.81%$2.77
9.84%$0.557129
6.75%$0.02333853
6.20%$0.00070534
0.71%$1.56
18.79%$1.048
-0.04%$20.09
3.38%Bitcoin whales like Tesla and MicroStrategy are all down on their investments today after the leading cryptocurrency plummeted again overnight, hitting a low of $26,350.
The last time the leading crypto was this cheap was in December 2020, according to CoinMarketCap.
Prices have since risen sum and Bitcoin is now trading at $28,387.
Despite the minor rise, this effectively wipes out all of the gains made by Tesla's Bitcoin bet.
In early 2021, his electric car company Tesla invested $1.5 billion in Bitcoin at an average purchase price of $31,620. Tesla then sold off 10% of its Bitcoin holdings to test liquidity, earning a tidy profit, or “positive impact,” of $101 million just over a month later, according to an SEC filing.
Musk didn’t sell any more Bitcoin throughout 2021’s wild bull run, despite prices hitting an all-time high of $68,789.63 on November 10, 2021.
Now, Bitcoin’s current price is roughly 10% lower than the price Tesla paid for it. The company has 42,000 Bitcoin left on its balance sheet, worth about $1.19 billion.
Michael Saylor's Microstrategy is also underwater today following the volatile price action.
Since August 2020, his cloud software company has bought 129,218 Bitcoin at an average price of $30,200 a coin. At that price, Microstrategy’s Bitcoin holdings are worth $3.9 billion.
Today’s Bitcoin crash means Saylor’s Bitcoins are currently worth $3.6 billion.
Contrary to the maximalist doctrine that Bitcoin is a store of value akin to “digital gold,” the currency has actually been trading more like a tech stock, according to a report published on April 18 by Arcane Research.
Today, MicroStrategy's stock is also plummeting. At today’s price of $148, MicroStrategy shares are currently down 11.5%.
Tesla stock dropped 4% overnight and currently trades for $734.
Elsewhere, crypto-adjacent companies like Coinbase, PayPal, and Robinhood have also dropped 23%, 3%, and less than 1%, respectively.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.