AyG
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Post by AyG on Feb 9, 2021 7:01:50 GMT 7
Musk is playing silly buggers again, gambling Tesla's cash reserves on bitcoin, then tweeting to push up bitcoin's price. Shareholders should be worried (but probably aren't since they're already drinking the Musk kool-aid). Opinion piece in today's Grauniad by Nils Pratley on this: "Tesla should stick to what it's good at – and that isn't bitcoin""Tweeting excitedly about bitcoin is one thing; spending $1.5bn (£1.1bn) of shareholders’ funds on the cryptocurrency is another. If Elon Musk, Tesla’s chief executive and 20% owner, can’t resist the urge to speculate, shouldn’t he be using his own money rather than shareholders’?" www.theguardian.com/business/nils-pratley-on-finance/2021/feb/08/tesla-should-stick-to-what-its-good-at-and-that-isnt-bitcoin
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chiangmai
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Tesla
Feb 9, 2021 7:58:45 GMT 7
Post by chiangmai on Feb 9, 2021 7:58:45 GMT 7
I'm guessing he wants to be seen as the man of the future, younger people will identify with that and be more likely to buy Tesla's I imagine. And it's only a small percentage of the assets, maybe he did his asset allocations and decided he needed to diversify, wouldn't you do the same.
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AyG
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Tesla
Feb 9, 2021 8:08:35 GMT 7
Post by AyG on Feb 9, 2021 8:08:35 GMT 7
^^^ No, I would not. To quote further from The Grauniad piece:
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chiangmai
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Tesla
Feb 9, 2021 8:17:48 GMT 7
Post by chiangmai on Feb 9, 2021 8:17:48 GMT 7
Think of it as a marketing expense in trying to grab the attention of the younger set. Anyway, when Bitcoin hits 50k will you still see it as a bad move?
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chiangmai
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Tesla
Feb 9, 2021 9:41:20 GMT 7
Post by chiangmai on Feb 9, 2021 9:41:20 GMT 7
“You’re going to see every company in America do the same thing,” Novogratz said Monday in a Bloomberg Television interview. Between corporations adding Bitcoin to treasury funds and the city of Miami also considering adding the cryptocurrency to its balance sheet, “It doesn’t have to be a lot. It’s the messaging that matters, you’re seeing the herd here, and it’s coming.” The long-time crypto enthusiast and investor also speculated that other companies would consider moving excess reserves into Bitcoin, perhaps as a hedge against inflation or against a falling dollar. www.bloomberg.com/news/articles/2021-02-08/novogratz-sees-bitcoin-at-100-000-with-every-company-adopting?srnd=premium-asia
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AyG
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Tesla
Feb 9, 2021 9:58:21 GMT 7
Post by AyG on Feb 9, 2021 9:58:21 GMT 7
^^^ said the man who founded a cryptocurrency investment firm and has every interest in driving the price up. Opinion discounted.
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AyG
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Tesla
Feb 9, 2021 11:17:15 GMT 7
Post by AyG on Feb 9, 2021 11:17:15 GMT 7
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Tesla
Feb 9, 2021 20:06:32 GMT 7
Post by rgs2001uk on Feb 9, 2021 20:06:32 GMT 7
Think of it as a marketing expense in trying to grab the attention of the younger set. Anyway, when Bitcoin hits 50k will you still see it as a bad move? Max Keiser tells me its going to hit 500k everytime I watch RT and listen to him spouting his rubbish, as he has every right to do so, whats more worrying are the sheeple that actually believe him, the guy is a effin fruitcake.
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AyG
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Tesla
Feb 15, 2021 20:37:52 GMT 7
Post by AyG on Feb 15, 2021 20:37:52 GMT 7
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chiangmai
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Tesla
Feb 16, 2021 3:26:10 GMT 7
AyG likes this
Post by chiangmai on Feb 16, 2021 3:26:10 GMT 7
Or it might just be they decided to realise their profit, which would be sensible at some point.
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chiangmai
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Tesla
Feb 24, 2021 3:52:26 GMT 7
Post by chiangmai on Feb 24, 2021 3:52:26 GMT 7
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Post by rgs2001uk on Feb 25, 2021 20:12:23 GMT 7
Just had a quick look at my portfolio, yes have less money this week than last week. Have more this year than I did this time last year. Nothing but a snapshot in time, a mere paper loss. Hold tight, not for the faint of heart. HBD btw.
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AyG
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Tesla
Feb 26, 2021 6:08:53 GMT 7
Post by AyG on Feb 26, 2021 6:08:53 GMT 7
Tesla down a further 8.06% yesterday. More generally, The Dow fell 1.8%, S&P 500 2.5%, Nasdaq 3.5%.
I suspect that that means that SMT will be down again once the London market opens.
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AyG
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Tesla
Feb 26, 2021 17:31:31 GMT 7
Post by AyG on Feb 26, 2021 17:31:31 GMT 7
I suspect that that means that SMT will be down again once the London market opens. And I was right. SMT currently down 5.27%.
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AyG
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Tesla
Mar 5, 2021 6:10:46 GMT 7
Post by AyG on Mar 5, 2021 6:10:46 GMT 7
SMT down a further 6.37% yesterday.
It's now lost 24% from its peak in mid-February.
Still up massively over the last year (92%), so I won't be shedding a tear for shareholders. In fact, I see it as a positive thing that there are signs of rationality returning to the prices of certain tech companies. Long way to go, though, IMHO.
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