Elon Musk, the world’s richest man, hits record $348B net worth

November 25, 2024 Coin Telegraph

Elon Musk, the world’s richest man, hits record 8B net worth

The new wealth record has been driven by a Tesla stock surge late last week and a $50 billion funding round for Musk’s AI startup.

Tesla CEO and tech billionaire Elon Musk is now richer than ever, with his net worth soaring to $348 billion, a new record high stemming from Donald Trump’s victory in the United States presidential election.

Elon Musk’s net worth hit an all-time high of $347.8 billion by the end of trading on Friday, Nov. 22, propelled by Tesla’s stock (TSLA) rally and a new $50 million funding round valuing his artificial intelligence startup xAI at $50 billion.

The previous peak of $335 billion was reached on Nov. 12, with Musk seeing almost a billion dollars per day added to his net worth over the past fortnight. Since the beginning of the year, Musk’s net worth has increased by 52%, which equates to a whopping $119 billion, according to the Bloomberg Billionaires Index.

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Dogecoin investor lawsuit against Elon Musk dropped

November 15, 2024 Coin Telegraph

Coin Telegraph

Tesla CEO Elon Musk is often associated with Dogecoin after the businessman mentioned the memecoin on various channels in 2021.

A 2022 class-action lawsuit filed against Elon Musk and Tesla — alleging that the businessman manipulated the price of Dogecoin (DOGE) through media appearances and social media posts — was withdrawn by the plaintiffs on Nov. 14, 2024.

According to the legal filing, the plaintiffs have agreed to withdraw their appeal from the Second Circuit Court of Appeals and not seek any post-judgment relief from Musk and the automotive company.

Lawyers for the investors also waived their right to appeal the case in any United States court, and both sides have agreed to drop motions to sanction the other side over the lawsuit.

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Bitcoin corrects as US inflation data emerges — Is the rally to $100K at stake?

November 15, 2024 Coin Telegraph

Bitcoin corrects as US inflation data emerges — Is the rally to 0K at stake?

Coin Telegraph

Bitcoin’s correction reflects investors’ inflation concerns and highlights the potential impact of future US fiscal policies.

Bitcoin (BTC) traded down by 4.1% on Nov. 14 following US inflation data that marginally exceeded market expectations. This decline mirrored the S&P 500 index futures, which fell from 6,023 to 5,980 over four hours.

As a result, traders are now questioning the extent of this correlation and when Bitcoin’s inflation-hedging attributes might offer some protection in an environment of persistent inflation.

S&P 500 index futures (left) vs. Bitcoin/USD (right). Source: TradingView

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What happens to Bitcoin price if Microsoft shareholders vote to buy BTC?

October 25, 2024 Coin Telegraph

Coin Telegraph

Microsoft’s upcoming vote on whether or not to build a Bitcoin position is just another sign of corporations’ and institutional investors’ growing interest in BTC.

On Oct. 24, a filing by Microsoft Corp. (MSFT) with the United States Securities and Exchange Commission (SEC) revealed an unexpected item on the agenda for its upcoming annual shareholder meeting on Dec. 10.

Alongside routine votes—such as the election of directors, the ratification of its independent auditor, and reports on AI misinformation—one proposal stood out: an "Assessment of Investment in Bitcoin." Interestingly, Microsoft's board recommended shareholders vote against it.

As of its second-quarter 2024 financial report, Microsoft held $76 billion in cash and equivalents. If shareholders pushed the company to allocate even 10% of that to Bitcoin, it would represent a massive $7.6 billion investment.

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Elon Musk’s Tesla Still Holding $772,500,000 in Bitcoin in Seven Wallets After Massive Coin Shuffle: Arkham

October 24, 2024 The Daily Hodl

Bitcoin

Electric vehicle giant Tesla likely still holds $772.5 million in Bitcoin (BTC), according to the crypto deanonymizing platform Arkham. Last week, Arkham flagged a series of on-chain transactions indicating Tesla had moved its trove of 11,509 BTC for the first time in two years. However, the receiving addresses appear to be new wallets owned by […]

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Tesla reveals it didn’t sell any Bitcoin holdings in Q3

October 24, 2024 Coin Telegraph

Bitcoin

According to Tesla's Q3 financial filings, the company's automotive sales declined slightly since Q2 2024, while leases increased slightly.

Update Oct. 23 10:30 UTC: This article has been updated to reflect that the Arkham Intelligence numbers are correct and that Tesla uses fair value, not market value, to calculate digital asset prices.

Tesla reported its Q3 2024 earnings on Oct. 23, revealing that the company has not sold any of the $184,000,000 in digital asset investments during the quarter and has not sold any crypto for five consecutive business quarters.

According to the automotive company’s financial statements, revenue for Q3 was north of $25.18 billion — slightly down compared to Q2 revenue of approximately $25.5 billion. Net income for the quarter was roughly $2.18 billion — a sharp increase from Q2’s roughly $1.5 billion.

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Tesla Holds Bitcoin Steady After BTC Wallet Transfers Spark Speculation

October 23, 2024 Bitcoin.com

Bitcoin

Tesla has reported stable bitcoin holdings for Q3 2024, despite transferring its 11,509 BTC to new wallets. The move, which sparked speculation but did not signal a sale, suggests routine security measures. Tesla posted $25.2 billion in revenue and $2.7 billion in profits, driven by record vehicle deliveries and a 52% surge in energy storage. […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Arkham Reveals Tesla’s $765M in Bitcoin Still Intact—Here’s What’s Happening

October 23, 2024 Bitcoin.com

Arkham

According to Arkham Intelligence, the bitcoin transferred by Tesla last week was likely just relocated to newer wallets, but the company still holds control over the funds. Arkham revealed that the assets are now spread across seven separate wallets. Arkham Confirms Tesla’s Bitcoin Stash Remains Untouched—Spacex Holds $550M The crypto community buzzed last week when […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Tesla CEO Elon Musk Highlights XRP and Crypto Potential Amid Regulatory Heat

October 22, 2024 Bitcoin.com

Altcoins

Tesla and Spacex CEO Elon Musk addressed XRP and cryptocurrency during a town hall in Pittsburgh, acknowledging crypto’s potential amid regulatory scrutiny. Musk emphasized that cryptocurrency plays a crucial role in promoting individual freedom and countering centralized control. His comments were well-received by XRP supporters, highlighting the growing importance of crypto in shaping future financial […]

Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Elon Musk’s Tesla Moves $760,000,000 in Bitcoin to New Wallets for First Time in Two Years: Arkham Intelligence

October 17, 2024 The Daily Hodl

Bitcoin

Electric car maker Tesla just moved its Bitcoin (BTC) holdings that have been untouched for the past two years. Data from blockchain analytics platform Arkham Intelligence shows that the company made a series of on-chain transactions on October 15th, the first time since June 2022. Tesla transferred nearly all of the Bitcoin in its reserve […]

The post Elon Musk’s Tesla Moves $760,000,000 in Bitcoin to New Wallets for First Time in Two Years: Arkham Intelligence appeared first on The Daily Hodl.

Tesla

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