Tesla $1.5bn bitcoin purchase triggers new record high – business live

SourceThe Guardian
SectorFinancial Markets
CountryMiddle east

Rolling live coverage of business, economics and financial markets as US electric carmaker promises to accept payments in cryptocurrencyBitcoin price surges to $44,868, a new recordWorld shares hit new record amid $1.9 trillion US stimulus hopes Oil above $60 per barrel for first time since February 2020 Boohoo buys Sir Philip Green’s brands, but 2,450 jobs at risk 1.32pm GMT On it goes: bitcoin is now up 17% through the $44,000 mark and hitting $44,868.98.That is a new record. Tesla’s purchase is generating fortunes across the world. 1.30pm GMT The Tesla bitcoin purchase really raises a whole host of questions, but here are two of the most pressing: will Tesla’s investors appreciate their stock being exposed to the wild movement of bitcoin? Can Elon Musk legally tweet bitcoin memes when pumping the price will increase the value of the company he runs?Musk recently replaced his Twitter biography with “#bitcoin”, but had not previously revealed any holdings.It raises a real question about possible market manipulation. Musk’s tweeting record is chequered to say the least and he has had his knuckles rapped by the SEC in the past.

The filing simply says that the investment policy was updated in January 2021 and ...read more...