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Goldman Sachs Analyst Says Tesla Should Dump Bitcoin for Stock Buyback

Crypto News Finder by Crypto News Finder
March 5, 2021
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Goldman Sachs analyst Gary Black says Tesla should dump its bitcoin in favor of buying back shares following the price pullback for TSLA. 

In a tweet the former equities chief information officer (CIO) with Goldman Sachs, suggested Tesla could spark a wave of momentum by announcing the sale of its bitcoin in favor of a stock buyback. 

Imagine the positive momentum $tsla would create if they announced the sale of their #btc position, and authorized a $tsla stock buyback instead. Highly unlikely, but shareholders would be very supportive.

— Gary Black (@garyblack00) March 4, 2021

Black’s tweet followed on a month-long, 28% price dip for shares in Tesla after the electric car manufacturer announced a $1.5 billion investment into bitcoin. 

Tesla stock is now down 28% since buying #Bitcoin as investors signal to @ElonMusk that $1.5 billion was not enough.

— Documenting Bitcoin 📄 (@DocumentingBTC) March 4, 2021




Black continued, saying Tesla would generate more interest from the $8 trillion fund management sphere by announcing a stock buyback rather than pursuing investment in crypto-assets. 

It’s excess cash either way. But you’d get far more of $8T of active managers bm’d to the S&P 500 to buy $tsla if $tsla had a share buyback program instead of buying #btc with excess cash.

— Gary Black (@garyblack00) March 4, 2021

Shares in Michael Saylor’s MicroStrategy have likewise suffered following the purchase of BTC. Despite falling more than 50 percent from its all-time high at the beginning of February, the company announced an additional investment of $15 million in BTC earlier in the week. 

MicroStrategy has purchased an additional ~328 bitcoins for ~$15.0 million in cash at an average price of ~$45,710 per #bitcoin. As of 3/1/2021, we #hodl ~90,859 bitcoins acquired for ~$2.186 billion at an average price of ~$24,063 per bitcoin. $MSTRhttps://t.co/fGH5KacsPI

— Michael Saylor (@michael_saylor) March 1, 2021

Featured Image Credit: Photo via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


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