Tesla's decision to sell Bitcoin has sparked a debate across crypto Twitter. However, Jim Cramer called the move one of the best decisions CEO Elon Musk made this quarter.
Tesla CEO Elon Musk and CFO Zach Kirkhorn disclosed that--while Tesla had made a $1.5 billion investment in Bitcoin earlier this year--that the company had raised around $101 million from selling Bitcoin in order to prove liquidity of the cryptocurrency.
This led to many Bitcoin believers speaking out against Tesla, and even Barstool Sports founder Dave Portnoy took to Twitter to ask if he had understood the situation correctly. Portnoy asked Twitter whether or not Musk had pumped Bitcoin and then sold it to make a fortune.
However, Elon Musk pushed back. Musk noted that he personally had not sold any of his Bitcoin, but that Tesla the company had sold 10% of its holdings.
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Disclosure: Rob Maurer is long TSLA stock and derivatives.