Is Musk turning Tesla into a cryptocurrency hedge fund? RT’s Boom Bust explores

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Author: RT
This post originally appeared on RT Business News

Is Musk turning Tesla into a cryptocurrency hedge fund? RT’s Boom Bust explores

US electric automaker Tesla reported a net profit of $ 438 million for the first quarter of this year, saying that the company’s sales of bitcoin made a positive impact of $ 101 million.

RT’s Boom Bust talks to Octavio Marenzi of Opimas LLC about the company’s report and the role of bitcoin there.

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Tesla’s quarterly results are “pretty encouraging,” according to the analyst. “What is kind of weird, is this whole thing with bitcoin and a hundred million dollars of bitcoin gains added to the balance sheet and the income segment.”

Marenzi goes on: “That’s a bit strange overall, not very sure what Elon Musk is doing there. It seemed for a while like he’s going to turn Tesla into a cryptocurrency hedge fund… And maybe that will still come, who knows? But it looks a bit strange, a bit confusing to markets…”

For more stories on economy & finance visit RT’s business section

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86
14 shares, 86 points

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