Bitcoin, Alibaba and Burberry: Investments in the Spotlight
Bloomberg Wealth reviews assets that made a splash this week.
One tweet was all it took to send Bitcoin reeling. On Wednesday night, Tesla Inc. Chief Executive Officer Elon Musk reversed course and Tweeted that his carmaker would no longer accept the world’s largest cryptocurrency as payment for its electric vehicles, citing concerns over energy demands. The token’s price tumbled on the news, briefly dropping as much as 15% before paring some of its losses.
Musk’s tweet caused a number of Bitcoin-adjacent assets to fall on Thursday: Tesla itself, which purchased more than $1 billion worth of the token, fell 3.1%. The stock has slid about 34% since the company announced the investment in February. Coinbase Global Inc., the largest U.S. crypto exchange, tumbled as much as 11%. Microstrategy Inc., which also holds Bitcoin, fell as much as 11.8%.