Except they still own nearly all the Bitcoin they bought, so I don’t see how selling a tiny bit of it and tanking the rest could be described as “to perfection”.
No where in my sentence suggested they sold all of it.
> so I don’t see how selling a tiny bit of it could be described as “to perfection”
Telsa did not lose any money from their BTC investment and are still up >40%. At that time, they (and others on Twitter) caused a run up in the crypto markets to drive the BTC price up to new all time highs and got out a large profit even by selling a small amount and then causing it to drop 12% after the announcement, sounds like it was perfectly executed and it worked for them.
> Why is it clever to tank an asset that they own?
It's not but that doesn't mean Musk won't do it anyway. He once tanked his own company's stock by smoking cannabis in public. After something like that anything is possible.
Stock market investors don’t care, because they’re in it for the long term. It’s the stock market gamblers who bitch and moan, even though they’re the ones who actually cause these fluctuations by reacting to superficial, fleeting news stories which have no bearing on the underlying asset.
Perhaps because only that amount could be sold for a good enough price? Someone has to buy it and a sudden increase in supply will drive the price down, that amount is not a single transaction with fixed price.
None of that was an answer to any of my questions. Specifically, how did talking down Bitcoin benefit Tesla? I don't understand how that move plays into Tesla's hands.
That's still not an answer to my question. Specifically, how did talking down Bitcoin benefit Tesla? That step didn't feature in your hypothesised manipulation strategy.
Except they still own nearly all the Bitcoin they bought, so I don’t see how selling a tiny bit of it and tanking the rest could be described as “to perfection”.