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by dan-robertson
1908 days ago
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It feels more like Tesla are simply trying to sell you a car rather than sell you a weird financial instrument that amounts to a Tesla convertible into some Bitcoin, at the same price as a Tesla (so they are basically giving you a free at-the-money call on Bitcoin and the only cost of exercising it is that you’d have to wait longer to get your Tesla.) This doesn’t feel like an easy position to hedge for the company and Tesla doesn’t feel to me like the kind of company that should be figuring out how to hedge such a thing. Instead they sell you a car and give you a sufficiently bad deal for the refund that you will only use it if you actually want the refund rather than because you want to speculate on the price of Bitcoin. |
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