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.
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.
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.
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.
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