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Sunday, June 23, 2024

Elon Musk is losing a lot of money after his latest big announcement

It’s only been a couple of weeks since Elon Musk announced his massive bitcoin purchase, and he’s already paying dearly for the risk.

The stock market is risky. He can make you big money, or he can do what he did to Elon Musk to you and ruin you in less than a month. Well, it may not have ruined you, but it did lose you $ 15.2 billion in a few hours. Although that, being Elon Musk , is almost change.

The CEO of Tesla , who has just announced that this year Tesla solar roofs will arrive in Europe, announced just a couple of weeks ago the purchase of bitcoins by the company. And as to Elon Musk does not like to do anything halfway, spent 1,500 million dollars in the operation. Also Read: Tesla Model 2: Elon Musk’s car of less than 25,000 euros

The purchase was obviously motivated by the exponential increase in the value of bitcoin in recent months. The problem is that in the stock market, just as things go up, they can go down. Bitcoin has fallen by more than $ 10,000 within 19 hours , from its peak of $ 58,254 a share on Monday to $ 45,000 on Tuesday. And, of course, this has affected the value of Tesla.

The shares of Tesla have fallen behind the bitcoin, and have crashed down 25% compared to the peak reached the other day. the lowest price they have reached has been at $ 673 a share, although it has already risen to $ 710 at the time of this writing.

The fall has not been instantaneous. Following the bitcoin rush, Tesla shares fell 10% last Tuesday . To this must be added a drop of 8.5% that was experienced last week, and a progressive decline over the last few days.

The Musk Method: Learn from your partners and then go solo

If Jeff Bezos had once again seized the throne of the richest man in the world, Elon Musk has just given him his stay in it on a platter. But the fault is not entirely yours. Anyone who has entered the world of the stock market knows that any bet has its risk. The stock market simulator of whoever writes these lines already has his account in the red. Of course I am not betting 1,500 million dollars, only 25,000 and, above all, they are false.

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