Dave Portnoy aka "El Pres" of Barstool Sports is cheesed at Elon Musk's, or rather, Tesla's decision to "dump" its Bitcoin cryptocurrency. Revealed in Tesla's Q1 2021 earnings, the electric car manufacturer revealed that it sold $272 million USD worth of BTC out of the $1.5 billion USD in Bitcoin it bought back in February -- when prices were floating around $40,000 USD.
Portnoy tweeted, "So am I understanding this correctly? @elonmusk buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune. Listen I own 1 #Bitcoin but #bitcoin is exactly who we thought it was. Just don’t be last 1 #HODLing the bag." To which musk responded with, "No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet."
Now regarded as the "Bitcoin Baron" Portnoy also put out a video explaining that he's simply protecting the cryptocurrency as a Bitcoin holder and expressing his displeasure towards "lettuce hands" and pump-and-dumps. He also released an official statement below adding to the situation. Either way, this sale of Bitcoin from Tesla's end contributed to a record quarterly net income of $438 million USD.
For immediate release @elonmusk pic.twitter.com/u42XYAYOpI
— Dave Portnoy (@stoolpresidente) April 27, 2021
Elon and I did not fight. As a true believer in #bitcoin and proud owner of 1 Bitcoin it’s my duty to defend against all lettuce handed threats no matter big or small, real or perceived
Elon Musk, Dave Portnoy Spar Over Bitcoin Sale on Twitter | TheStreet https://t.co/8yf6lFmHVy— Dave Portnoy (@stoolpresidente) April 27, 2021
So am I understanding this correctly? @elonmusk buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune. Listen I own 1 #Bitcoin but #bitcoin is exactly who we thought it was. Just don’t be last 1 #HODLing the bag.
— Dave Portnoy (@stoolpresidente) April 26, 2021
Listen, I’m a big @elonmusk fan. But as the Baron of #Bitcoin, I need to keep everyone honest #DDTG pic.twitter.com/QRsWp4X3KG
— Dave Portnoy (@stoolpresidente) April 27, 2021
In other crypto news, there's actually an 18+ traded cryptocurrency called CumRocket.
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