Hacker News new | ask | show | jobs
by jqpabc123 1429 days ago
Wow! So even Musk got suckered.

So he bought $1.5 billion and sold 75% for $936 million. If my calculations are correct, he just realized a net loss of $189 million.

I gave Musk too much credit. I always assumed he was running a classic "pump and dump" scam with bitcoin like he did with dogecoin. Apparently he forgot to "dump" and instead acted as a pied piper leading cryptobros to their demise.
1 comments
digitalengineer 1429 days ago
Why would the richest man on earth accept a $189 million loss? Why not simply hold it? Is he expecting BT to go even lower?
link
TrapLord_Rhodo 1429 days ago
It's not the richest man on earth. It's Tesla. You have to claim an impairment loss if the price of the coin drops. Since they sold over the course of the quarter, the $200m figure (Which is false and impossible to calculate without direct knowledge of how they sold and where they sold) would be much higher if he HODLed this quarter.
link
jqpabc123 1429 days ago
Why not simply hold it?

What happens if he buys back the same number of bitcoins today?

He is in exactly the same position as before except he now has a $189 million loss to declare on his taxes.

link