So far, that bitcoin investment is paying dividends for Elon Musk.
It seems the entrepreneur has made even more money off his bitcoin investment than his famed company Tesla has made in car sales.
According to note from analyst Dan Ives at Wedbush, “Based on our calculations, we estimate that Tesla so far has made roughly $1 billion of profit over the last month. To put this in perspective, Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its [electric vehicle] cars in all of 2020.”
Tesla, which at 11:40am on Monday was trading down 4.39%, recently announced its massive stake in bitcoin.