Elon Musk's SpaceX Reportedly Sells Bitcoin Holdings, Writes Down $373M
Portfolio Pulse from Mehab Qureshi
SpaceX, led by Elon Musk, has reportedly sold all of its Bitcoin holdings and written down their value by $373 million. The company recorded $373 million worth of Bitcoin on its balance sheet in 2021 and 2022. This move comes after Musk revealed in 2021 that the firm had invested in Bitcoin. Musk's involvement in the crypto space has had a significant impact on their market values.
August 18, 2023 | 3:34 am
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SpaceX's decision to sell all of its Bitcoin holdings could potentially impact the price of Bitcoin in the short term.
SpaceX's decision to sell all of its Bitcoin holdings could lead to a decrease in demand for Bitcoin, potentially leading to a decrease in its price. This is especially relevant given the significant amount of Bitcoin that SpaceX held.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
While not directly related to the news, Elon Musk's involvement in the crypto space, including his endorsement of Dogecoin, could potentially impact the price of Dogecoin.
Elon Musk's involvement in the crypto space, including his endorsement of Dogecoin, has previously had a significant impact on the market values of these cryptocurrencies. However, this news does not directly relate to Dogecoin, so the impact is uncertain.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50