Elon Musk’s Bitcoin Investments
Elon Musk is one of the most influential businessmen and richest people in the world. He’s an innovator and never afraid to take an unpopular decision. Besides his impact in the electric vehicle industry with the Tesla car brand, he has also made a lot of media waves with some of his investment decisions as far Bitcoin and other cryptocurrencies are concerned. Read on to find out more about the billionaire’s investments.
Who Is Elon Musk?
Elon Musk is a South African-born engineer, business magnate, and serial entrepreneur. He’s also known as a modern-day genius. According to Forbes, his net worth was $146.7 billion as of 2021. To amass his impressive wealth, Musk has founded innovative tech companies. He has also made many early-stage investments that paid of years later.
One of Elon Musk’s companies is SpaceX, an aerospace manufacturer that also launches advanced rockets and spacecraft. It is based in California, and its mission is to reduce the cost of space travel. Musk serves as the founder and CEO of this ground-breaking company.
Elon Musk is also the CEO and co-founder of Tesla, which is an electric vehicle and clean energy company. Both of these California-based companies have seen incredible growth and revenues in their years of operation.
Elon Musk Investments in Companies and Stocks
Elon Musk has made many investments over the years, and many of the risks he took have been part of his inspiring success story. Here is a look at some of Elon Musk’s top investments in startups, cryptocurrencies, and more.
- One of Musk’s earlier investments was in the payment gateway company Paypal. In 1999, he invested $10 million in the earlier version of the company and later exited his position around 2002. This sale reportedly earned him an estimated $180 million, which is some very impressive returns in just a few years.
- We have already talked about SpaceX. With some of the proceeds from the Paypal sale, he founded the company with $100 million of his own money in 2002. In 2019, the company earned revenue of $2 billion and now employs thousands of employees. As of 2020, the company hadn’t gone public yet, but Musk remains the major shareholder who took the company to where it is now and undoubtedly multiplied his initial investment.
- With his work in Tesla, Musk does not take a salary but receives stock options instead. In 2020, he was reportedly going to earn $346 million worth of Tesla stocks as his compensation. He is also a 25% shareholder in this growing company.
Elon Musk has a knack for seeing opportunities earlier than many others do and being more risk-averse and pioneering. His investments also expand to other companies, including DeepMind Technologies and The Boring Company.
Elon Musk Cryptocurrency Investments
In recent months, Musk has taken an interest in cryptocurrencies and made significant investments in this space with mixed results. His influence has sent ripples across social and mainstream media, and many believe his statements might have even influenced market prices and crypto buyers’ decisions, especially among his large following.
- Around February 2021, Tesla bought $1.5 billion in Bitcoin under the leadership of Elon Musk. This move was very significant, and it earned the company incredible profits in just a short space of time, which exceeded most of the company’s profits from the recent sales of Tesla vehicles. With the volatility of the market, most of the profits were eroded in the next few months, however.
- In the world of cryptocurrencies, Elon Musk also has an interest in Dogecoin. What started off as a joke ended up with a real altcoin that has seen prices spiraling to dizzy heights. Within 24 hours of Musk’s tweets about the memecoin, it rose by over 70% in April 2021.
Many people, together with the media have continued to follow Elon Musk’s tweets and comments about Bitcoin, Dogecoin, and the crypto market. His ability to influence coin prices has brought some wins and losses for himself and the Tesla company. This new direction is part of the growing market and mainstream acceptance of the cryptocurrency space.
There’s no doubt that Elon Musk is going to continue to make interesting and often surprising investments going forward. As one of the richest people in the world and an innovator at heart, you can expect him to be an early adaptor to new technologies that might be coming out.
Has Elon Musk Traded Bitcoin?
Tesla founder Elon Musk has reaffirmed to the world that he still owns 0.25 of a Bitcoin, something that he received from a friend. However, as for whether or not Musk has traded Bitcoin, he has remained very hush about his personal use or dealings with cryptocurrency. Tesla, however, did accept Bitcoin payment until May 2021, when Musk’s company stopped accepting the cryptocurrency for its non-environmental practices.
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