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.
$64,226.00
2.26%$2,536.83
3.08%$581.49
1.19%$152.31
4.52%$1.00
0.05%$0.537935
0.20%$2,537.48
3.11%$0.112906
1.02%$0.162653
0.18%$5.28
0.40%$0.356107
0.22%$29.78
2.94%$2,990.17
2.91%$0.000018
1.74%$64,079.00
2.24%$2,533.76
3.00%$11.00
0.05%$327.93
0.38%$2.25
1.72%$4.27
2.19%$7.89
-1.60%$4.84
1.57%$6.06
-0.22%$10.09
-1.57%$65.61
-0.33%$662.33
1.28%$0.00001023
4.53%$2,658.05
2.83%$1.49
2.80%$8.07
1.02%$0.135414
1.38%$0.997549
-0.08%$0.371259
0.51%$18.88
1.00%$151.87
-0.04%$2.80
2.41%$0.091591
0.17%$1.78
3.23%$42.04
0.11%$1.54
1.16%$0.999058
0.05%$158.56
2.73%$1.77
4.55%$15.37
1.29%$5.58
4.00%$3.65
1.82%$0.07699
0.25%$21.10
3.90%$0.620202
2.25%$0.699788
-0.49%$0.052115
2.10%$0.54048
1.54%$0.02294083
2.09%$0.501592
4.66%$4.44
2.75%$5.05
1.58%$0.176562
7.68%$1.10
1.50%$2,531.58
2.86%$0.00002205
3.27%$0.00014444
4.56%$2,829.89
2.93%$1.39
-6.60%$6.22
11.50%$1.32
2.65%$19.59
1.94%$1.47
1.31%$2,654.06
3.23%$2.30
14.01%$0.333503
3.53%$1,356.81
-0.05%$9.22
-0.11%$64,008.00
1.83%$0.114737
19.26%$0.819295
4.85%$6.30
-3.20%$0.386721
17.77%$0.735078
4.36%$0.124219
2.44%$0.373147
1.09%$8.18
1.53%$1.086
2.30%$66.37
0.52%$0.01950131
1.09%$46.18
1.60%$1.39
9.15%$0.02278923
5.77%$0.00000091
-0.26%$0.00203572
1.14%$0.320623
1.87%$0.931901
0.66%$0.554704
1.43%$2,523.01
2.73%$0.00827617
6.30%$2.57
0.42%$0.434468
3.39%$0.01595685
2.10%$0.875193
4.06%$2,586.63
2.97%$186.35
4.39%$0.00000199
7.53%$0.171869
1.41%$36.55
5.61%$0.129428
0.61%$27.11
-0.09%$0.997644
-0.14%$10.55
0.11%$0.01472633
1.29%$0.477411
0.71%$4.75
0.20%$0.601129
4.03%$0.698865
0.94%$8.62
2.81%$0.01534146
0.29%$0.075141
1.16%$0.00003437
-0.02%$1.00
0.03%$4.19
2.36%$3.62
-2.56%$2,657.49
0.02%$0.00732165
9.79%$0.997516
0.07%$0.795962
-1.44%$0.267713
0.91%$64,064.00
2.04%$2,597.46
2.91%$2.50
0.45%$0.957035
4.79%$0.00895514
28.07%$0.00887249
-0.25%$0.00000029
3.83%$17.42
1.91%$1.63
2.49%$2.76
-4.93%$1.011
1.75%$1.25
-1.69%$0.300422
0.98%$0.00560367
3.79%$64,438.00
2.63%$35.57
-1.38%$2,533.51
2.91%$159.09
4.57%$2,533.20
2.94%$1.86
0.59%$0.45883
0.92%$2,670.58
0.25%$2,738.71
2.93%$0.00008937
0.62%$0.075943
-0.71%$1.80
1.76%$0.748197
4.13%$8.75
2.89%$1.88
6.71%$0.135441
5.96%$0.997891
0.04%$0.254696
4.74%$0.072867
3.53%$1.49
1.61%$0.050746
10.09%$1.14
2.32%$0.966566
3.33%$0.00
-3.47%$177.62
2.65%$4.07
1.89%$0.061329
2.71%$0.80456
0.88%$12.52
2.32%$0.126959
1.71%$1.001
0.10%$0.956775
4.69%$2,524.80
2.85%$0.02827048
-0.10%$0.422287
-0.20%$0.061998
0.59%$0.00080945
2.87%$0.00000042
0.58%$2,536.66
3.01%$2,535.98
2.96%$0.080656
3.62%$1.002
0.55%$64,277.00
2.28%$8.28
-1.33%$45.11
1.17%$0.04122297
2.38%$22.13
0.04%$0.133009
1.46%$0.555568
2.00%$0.352379
2.59%$3.52
0.16%$1.052
-1.01%$2,534.45
2.95%$1.001
0.04%$64,057.00
2.03%$1.74
0.99%$0.35707
2.42%$0.00686084
1.39%$0.717621
1.20%$0.264646
2.17%$0.334303
0.28%$0.807176
0.01%$2,788.31
2.99%$2,705.73
2.72%$0.01155656
0.45%$0.175436
2.13%$0.262414
1.77%$0.355814
5.01%$0.827906
7.51%$2,633.48
2.68%$80.66
2.05%$0.00386334
1.16%$1.00
0.02%$0.00093824
3.05%$3.13
0.14%$2.94
10.21%$1.59
8.60%$0.646779
3.03%$0.03740165
5.61%$0.02986596
0.30%$3.81
1.71%$0.127188
5.18%$18.75
2.77%$24.00
0.05%$0.00161359
2.47%$0.01495166
1.02%$34.50
1.88%$0.0048884
2.19%$4.31
-0.71%$0.607611
0.71%$0.327847
0.90%$6,817.08
1.62%$1,288.01
2.28%$0.38083
0.53%$0.02742717
2.39%$0.00420398
-1.30%$0.153637
2.02%$2.52
0.08%$64,153.00
2.42%$0.00077839
-0.60%$0.176092
1.28%$0.239101
2.23%$37.96
2.68%$2.04
4.87%$0.09365
-0.04%$2.03
1.18%$2,666.43
2.72%$64,162.00
2.21%$0.00000033
-5.34%$15.67
0.17%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.