{"id":458020,"date":"2021-03-04T13:26:04","date_gmt":"2021-03-04T13:26:04","guid":{"rendered":"https:\/\/ktsl888.com\/?p=458020"},"modified":"2024-06-11T14:13:44","modified_gmt":"2024-06-11T14:13:44","slug":"bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/","title":{"rendered":"Bitcoin Affect? Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients"},"content":{"rendered":"<p>Less than a month after <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-explodes-above-44k-after-tesla-buys-btc-whats-next\/\" target=\"_blank\" rel=\"noopener \">US carmaker Tesla revealed its $1.5bn Bitcoin holdings<\/a>, one of the company&#8217;s most vocal bullish investors announced that he had sold 1.8 million of its shares for clients.<\/p>\n<p>Ron Baron, the founder of Baron Capital, an investment management firm in New York, <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/94883328\" target=\"_blank\" rel=\"noopener nofollow\">said<\/a> his firm sold TSLA stocks for its clients, believing that they were taking too much percentage of some of their portfolios. Nevertheless, the billionaire investor clarified that he did not sell any of his 1.25 million Tesla shares, reiterating his long-term bullish outlook for the Fortune 500 company.<\/p>\n<blockquote><p>&#8220;It was painful selling every single share,&#8221; he added.<\/p><\/blockquote>\n<h2>Bitcoin The Main Culprit?<\/h2>\n<p>The sell-off took place over the course of the previous six months. It reflected Baron Capital&#8217;s systematic plans to secure profits for their clients as the <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/tesla-ceo-elon-musk-ethereum\/\" target=\"_blank\" rel=\"noopener \">Tesla stock boomed<\/a> by 338 percent to $653.20 apiece. Nevertheless, the firm did not reveal the number of shares it sold after Tesla revealed that it had reallocated 8-10 percent of its cash reserves to bitcoin on February 8.<\/p>\n<p>According to reports, Baron Capital was holding just over 6.1 million Tesla shares as of Feb. 28. The firm bought them at an average cost of $42.3 per share.<\/p>\n<figure id=\"attachment_458024\" aria-describedby=\"caption-attachment-458024\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/7KG8hLUy.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-458024\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/7KG8hLUy.png?resize=860%2C498\" alt=\"Tesla, Nasdaq, TSLA, bitcoin\" width=\"860\" height=\"498\"><\/a><figcaption id=\"caption-attachment-458024\" class=\"wp-caption-text\">Tesla stock has slipped by almost 25 percent after its $1.5bn investment in Bitcoin. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/NASDAQ-TSLA\/\" target=\"_blank\" rel=\"noopener nofollow\">Nasdaq: TSLA on TradingView.com<\/a><\/figcaption><\/figure>\n<p>The Tesla stock started correcting lower after logging its record high of $900.40 on January 25. According to its filing with the US Securities and Exchange Commission, the company had started allocating Bitcoin in the same month to &#8220;further diversify and maximize returns&#8221; on their cash reserves.<\/p>\n<p>Tesla did not disclose the price at which it bought bitcoins. But a <a href=\"https:\/\/www.cnbc.com\/2021\/02\/22\/tesla-has-made-1-billion-profit-on-its-bitcoin-investment-analyst.html#:~:text=Tesla%20has%20made%20about%20%241,its%20bitcoin%20investment%2C%20analyst%20estimates&amp;text=Tesla%20has%20made%20roughly%20%241,analyst%20at%20Wedbush%20Securities%20estimated.\" target=\"_blank\" rel=\"noopener nofollow\">report from CNBC noted<\/a> that the firm&#8217;s profit from its unique investment strategy was north of $1 billion as of February 21.<\/p>\n<h2>Treading Uncertain Waters<\/h2>\n<p>Many traditional economists and strategists criticized Elon Musk&#8217;s decision to exposure Tesla to an asset that is notorious for its price volatility. That included Nouriel Roubini, an economist who correctly predicted the 2008 financial crisis, who <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-shoots-past-38000-on-elon-musks-endorsement\/\" target=\"_blank\" rel=\"noopener \">advised other corporates firms<\/a> to avoid copying Tesla&#8217;s bitcoin purchase.<\/p>\n<p>The Tesla stock slipped by approximately 25 percent following its cryptocurrency investment. Nevertheless, it is still unclear whether the share&#8217;s correction appeared due to its overvaluation\u2014as is the case with any other tech stock\u2014or fears that Tesla would lose its cash by exposing itself hugely to the volatile Bitcoin market.<\/p>\n<figure id=\"attachment_458026\" aria-describedby=\"caption-attachment-458026\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/NfBZiGkJ.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-458026\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/NfBZiGkJ.png?resize=860%2C498\" alt=\"Bitcoin, cryptocurrency, BTCUSD, BTCUSDT\" width=\"860\" height=\"498\"><\/a><figcaption id=\"caption-attachment-458026\" class=\"wp-caption-text\">Bitcoin up by more than 25 percent following Tesla&#8217;s investment. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>Mr. Baron, who showed his initial resentment to Tesla&#8217;s crypto investment, said that Elon Musk could do whatever he thinks with his cash on Thursday. But for him, investing in growth stocks is the best way to beat inflation.<\/p>\n<p>&#8220;You have to protect yourself against inflation. What we do is invest in these great companies that can grow fast,&#8221; he <a href=\"https:\/\/www.cnbc.com\/2021\/03\/04\/billionaire-investor-ron-baron-sells-1point8-million-tesla-shares.html?utm_term=Autofeed&amp;utm_medium=Social&amp;utm_content=Main&amp;utm_source=Twitter#Echobox=1614860946\" target=\"_blank\" rel=\"noopener nofollow\">stated<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Less than a month after US carmaker Tesla revealed its $1.5bn Bitcoin holdings, one of the company&#8217;s most vocal bullish investors announced that he had sold 1.8 million of its shares for clients. Ron Baron, the founder of Baron Capital, an investment management firm in New York, said his firm sold TSLA stocks for its clients, believing that they were taking too much percentage of some of their portfolios. Nevertheless, the billionaire investor clarified that he did not sell any of his 1.25 million Tesla shares, reiterating his long-term bullish outlook for the Fortune 500 company. &#8220;It was painful selling every single share,&#8221; he added. Bitcoin The Main Culprit? The sell-off took place over the course of the previous six months. It reflected Baron Capital&#8217;s systematic plans to secure profits for their clients as the Tesla stock boomed by 338 percent to $653.20 apiece. Nevertheless, the firm did not reveal the number of shares it sold after Tesla revealed that it had reallocated 8-10 percent of its cash reserves to bitcoin on February 8. According to reports, Baron Capital was holding just over 6.1 million Tesla shares as of Feb. 28. The firm bought them at an average cost of $42.3 per share. The Tesla stock started correcting lower after logging its record high of $900.40 on January 25. According to its filing with the US Securities and Exchange Commission, the company had started allocating Bitcoin in the same month to &#8220;further diversify and maximize returns&#8221; on their cash reserves. Tesla did not disclose the price at which it bought bitcoins. But a report from CNBC noted that the firm&#8217;s profit from its unique investment strategy was north of $1 billion as of February 21. Treading Uncertain Waters Many traditional economists and strategists criticized Elon Musk&#8217;s decision to exposure Tesla to an asset that is notorious for its price volatility. That included Nouriel Roubini, an economist who correctly predicted the 2008 financial crisis, who advised other corporates firms to avoid copying Tesla&#8217;s bitcoin purchase. The Tesla stock slipped by approximately 25 percent following its cryptocurrency investment. Nevertheless, it is still unclear whether the share&#8217;s correction appeared due to its overvaluation\u2014as is the case with any other tech stock\u2014or fears that Tesla would lose its cash by exposing itself hugely to the volatile Bitcoin market. Mr. Baron, who showed his initial resentment to Tesla&#8217;s crypto investment, said that Elon Musk could do whatever he thinks with his cash on Thursday. But for him, investing in growth stocks is the best way to beat inflation. &#8220;You have to protect yourself against inflation. What we do is invest in these great companies that can grow fast,&#8221; he stated.<\/p>\n","protected":false},"author":50,"featured_media":458029,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,1558],"class_list":["post-458020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Affect? Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients<\/title>\n<meta name=\"description\" content=\"Less than a month after US carmaker Tesla revealed its $1.5bn Bitcoin holdings, one of the company&#039;s most vocal bullish investors announced that he had\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Affect? Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients\" \/>\n<meta property=\"og:description\" content=\"Less than a month after US carmaker Tesla revealed its $1.5bn Bitcoin holdings, one of the company&#039;s most vocal bullish investors announced that he had\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-04T13:26:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T14:13:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Depositphotos_381800872_s-2019.jpg?fit=1000%2C667\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yashu Gola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yashu Gola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/\"},\"author\":{\"name\":\"Yashu Gola\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/5525937b173cfbe70c9793968201315f\"},\"headline\":\"Bitcoin Affect? 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Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Depositphotos_381800872_s-2019.jpg?fit=1000%2C667\",\"datePublished\":\"2021-03-04T13:26:04+00:00\",\"dateModified\":\"2024-06-11T14:13:44+00:00\",\"description\":\"Less than a month after US carmaker Tesla revealed its $1.5bn Bitcoin holdings, one of the company's most vocal bullish investors announced that he had\",\"breadcrumb\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/#primaryimage\",\"url\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Depositphotos_381800872_s-2019.jpg?fit=1000%2C667\",\"contentUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Depositphotos_381800872_s-2019.jpg?fit=1000%2C667\",\"width\":1000,\"height\":667,\"caption\":\"Prague, Czech Republic - June 2020: Tesla motors car badge logo dark background. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/ktsl888.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Affect? 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Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients","datePublished":"2021-03-04T13:26:04+00:00","dateModified":"2024-06-11T14:13:44+00:00","mainEntityOfPage":{"@id":"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/"},"wordCount":498,"publisher":{"@id":"https:\/\/ktsl888.com\/#organization"},"image":{"@id":"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/#primaryimage"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Depositphotos_381800872_s-2019.jpg?fit=1000%2C667","keywords":["bitcoin","btcusd","BTCUSDT","cryptocurrency"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2021","copyrightHolder":{"@id":"https:\/\/ktsl888.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/","url":"https:\/\/ktsl888.com\/news\/bitcoin-effect-billionaire-fund-manager-sells-1-8m-tesla-shares-for-clients\/","name":"Bitcoin Affect? 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