Goldman Sachs Analyst Says Tesla Should Dump Bitcoin for Stock Buyback
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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