What Elon Learned While I Was Working
I have a new report out tonight on Tesla, check it out! Meanwhile, Tesla CEO Elon Musk apparently just learned, or just decided to care, that Bitcoin is terrible for the environment. Now, why is that?
Tonight, just after I posted tonight’s report on Tesla, Tesla's Troubles in China Are Heating Up, I saw that CEO Elon Musk has made a major discovery.
About Bitcoin.
We’re talking about Elon Musk, self-proclaimed DogeFather, pumper of Dodgecoin,
Who had Tesla, maker of energy efficient electric cars and solar powered energy systems to help wean the world off fossil fuels and save the planet,
Spend almost all of the $1.6 billion netted from selling energy credit subsidies
Which have been the primary source of all of Tesla’s manufactured “profits” since Q2 2019, as I noted in Tesla: So Long, Free Money, leading to:
Tesla’s recent addition to the S&P 500 Index
and its mythological equity valuation
and its ability to sell stock at grossly inflated prices
and its artificially inflated credit rating which lets it borrow with impunity at cheap rates.
Tesla used $1.5 billion of that cash
Which threw up all manner of bright RED FLAGs.
CNBC: “Tesla’s bitcoin speculation helped boost profits by more than $100 million in Q1”
by Lora Kolodny, @LoraKolodny, 4/26/21
“Vicki Bryan, founder of the bond investment research firm Bond Angle, wrote in an e-mail to CNBC:
“Bitcoin is not fungible or logically advantageous as currency, arguably not safer for the owner vs cash in transactions, and inexcusably damaging to the environment.”
Tesla had historically racked up around $1.6 billion in regulatory energy credits, primarily zero emission vehicle credits, Bryan notes. Credit sales helped Tesla to report more than four consecutive quarters of profitability, qualifying Tesla for addition to the S&P 500 index.
With Tesla’s bitcoin purchases, Bryan says, Tesla is adding a volatile asset with limited reported visibility to financial statements which “already conceal vital clarity of key operations and financial conditions.”
Never mind all that.
Tesla is making money on Bitcoin.
Elon also announced in March that Tesla will accept Bitcoin to purchase a car.
Elon’s company SpaceX will go to the Moon in 2022 carrying a mini-satellite for Geometric Energy Corp., paid for in Dogecoin.
Elon asked the Twitterverse yesterday if Tesla should accept Dogecoin for payments.
But That Was So Yesterday
Elon Musk has just decided this evening to be concerned that
Bitcoin is bad for the environment.
Seriously.
As in: Tesla just discovered water is wet and will discontinue its use until it dries sufficiently to be decent in polite company.
My question is
Who pressured Elon to do this?
And why?