That profit accounted for almost a quarter of Tesla's $438 million net income that quarter. It was a short-term bet that paid off handsomely for Tesla: buy $1.5 billion worth of bitcoin at the close of 2020 when it sold for under $20,000 sell off 10 percent of it during the first quarter of 2021 as bitcoin neared $50,000 reap a $101 million profit. Like most activity in the modern stock market, Elon Musk's sudden reversal to stop accepting bitcoin as payment for Tesla has little basis in reality-except for speculators in cryptocurrencies and Tesla stock. The tease caused a sharp drop in the value of the cryptocurrency. UPDATE, 9:30 p.m.: Elon Musk, Tesla CEO, has hinted that he may sell off the company's bitcoin holdings-in classic Musk fashion, via a Twitter response to a post by as Bloomberg reported this evening.
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