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We looked at a meme investing show. Musk dumped token while holding onto others.
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A dispatch from the desk of an editor.
Musk said that his company sold some of the digital currency. They sold an awful lot of the digital currency.
The disclosure that they sold 75% of their holdings in the second quarter didn't have a big impact on the market which has been on a tear this week.
At the end of the day, Musk was one of the top billionaires in the world, but he was also one of the top corporate holders. The electric car maker's stock seems to be falling, with some people suggesting that they should short the stock.
There was a small admission from Musk that the company had not sold any of its Doge coin holdings. It was not clear from the statement how much Doge coin was owned byTesla. Musk has written on social media that he owns it, but neither he nor the company have disclosed any purchases of the doge coin.
I tried to figure out how much Doge coin the company might hold.
The company disclosed that it currently owns $218 million worth of digital assets after selling $963 million worth of Bitcoin. The bulk of that $218 million is likely its remaining Bitcoin.
Tesla reportedly had around 42,000 Bitcoin heading into the second quarter, so after selling 75% of them, it should have had around 10,500 at the end of the quarter. Now, to determine exactly how much of that total holding is Bitcoin, we’d have to know exactly when the snapshot was taken. It was assumedly taken sometime the last day of June when fiscal Q2 ended, so 1 Bitcoin would have been trading for between $18,750 and $20,300 throughout the day, which at 10,500 coins would mean that around $197 million to $213 million of its total “digital assets” would be in Bitcoin.
During a time when Musk has taken some jabs at his popularity among retail investors, he probably wanted to keep in touch with the good graces of the Twitter community.
Elon Musk discloses that Tesla owns Dogecoin, but how much does it have?
In the past month, token prices have taken a beating and web3 companies have suffered. The pain is far from over, but there was a fairly substantial recovery this past week. They talked about what might have led to the increase, but they also had to talk about the layoffs at Open Sea.
The co-hostings were hard at work this past week on two separate feature articles that relate to the current state of the industry. Lucas shared his thoughts on Yuga Labs' otherside metaverse video game as one of its very first players, whileAnita talked about her piece on intensifying competition between the U.S. market and which exchange is most likely to win.
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Gaming-focused UnCaged Studios raises $24M to build good crypto games
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I have heard that a bear market will separate good and bad companies. The former SEC Chairman said that regulators should make responding to the "garbage" in web 3 their first priority.
The garbage was a time when all sorts of securities fraud was happening in the space of a few months. I wondered if any progress had been made in improving its reputation as a refuge for criminals.
The answer seems to be "yes" for U.S. lawmakers because they are loathe to stifle what is proven to be a large industry worth millions or billions of dollars. They are coming around despite their slowness. Everyone has been talking about a bipartisan bill that was proposed last month. They made an appearance at the summit to give an update on the bill. Gillibrand said that the entire legislation is likely to be deferred to next year.
There are two provisions in the bill that could get consensus sooner than the others. The first is a set of rules for banks that want to issue stable coins. She said that the portion of the bill that would make the CFTC the key regulatory authority overcryptocurrencies is currently being finalized. The provision will be voted on by congress by the end of the year.
The new bill seems to be moving faster than expected, because U.S. lawmakers and regulators don't want to be seen as hurting innovation. There is a chance that the U.S. is on the verge of a faster and more furious regulatory response than most in web3 could imagine just a few months ago.
Regulators should address crypto ‘garbage’ first, former SEC Chairman Clayton says
Some of this week's analysis can be found on our subscription service.
The former SEC Chairman says that regulators should address the issue ofcryptocurrencies first.
Regulators across the world are looking for operational and legal frameworks to guide their actions as the industry grows. There is a lot of responsible players in the industry, but there are also irresponsible ones. Regulators have to deal with the garbage first. It's the job.
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