Elon Musk tweets ‘diamond palms’ emoji amid bitcoin drop, implying Tesla will not promote

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Elon Musk

Mark Ralston | AFP | Getty Photos

Tesla CEO Elon Musk would not look like shying away from bitcoin, regardless of the crypto-wide selloff, which minimize the worth of bitcoin in half at one level during the last 24 hours.

In a tweet Wednesday morning, by way of a mix of textual content and emojis, Musk stated that Tesla had diamond palms, implying that the electrical automobile maker wouldn’t be shedding its $1.5 billion stake in bitcoin.

The world’s hottest cryptocurrency plunged as a lot as 30% on Wednesday to only above $30,000, its lowest stage since late January, in response to Coin Metrics. Meaning bitcoin has now erased all its good points following Tesla’s announcement that it will buy $1.5 billion value of the cryptocurrency.

Musk’s messaging on Tesla’s bitcoin place has been blended.

On Could 12, Musk stated Tesla had suspended vehicle purchases using bitcoin, citing environmental concerns over the mining course of. After that, $300 billion was wiped off the complete cryptocurrency market over the identical day.

Musk additionally recommended on Twitter over the weekend that Tesla might sell its bitcoin holdings, however later clarified that the corporate wouldn’t promote.

Tesla itself is a part of a broader tech selloff, down about 4% to this point right now. Microstrategy, one other firm that holds a considerable amount of bitcoin for its company treasury, is down by greater than 9%.