Elon Musk sold Tesla shares worth billions of dollars for the fourth time this year. The data encryption cell is confused about whether this will affect its Bitcoin and Dogecoin holdings, and even Tesla's BTC holdings.

According to a document of the U.S. Securities and Exchange Commission, Musk sold individual shares worth 3.58 billion dollars from Monday to Wednesday. It is not clear what the Musk plan will use this large amount of money for. Of course, the data encryption cell will guess what the cash will be. Since Musk announced in April 2022 that it had realized the recycling of Twitter, this entrepreneur has already chosen to give up the use of Tesla stocks worth 23 billion dollars.

Previously, Tesla's sales funds in the individual stock market were likely to be used to recycle Twitter, leading to a damage of $44 billion to Musk. For this billionaire, the high cost recovery is not ideal. In recent weeks, the Tesla CEO has been publicly criticized by the news media. Some large enterprises have stopped advertising on Twitter.

Musk recognized that, because of this, the income decreased significantly. But since April, Tesla's stock price has also fallen by more than half. Many investors worry that Musk is too strong on Twitter, so that he has lost high attention to Tesla.

Tony Sycamore, an investment analyst at IG Markets, an artist company, said: "This does not inspire people's confidence in the enterprise at all, but also shows where its focus is.".

The performance of Tesla shares is strikingly similar to that of Bitcoin. Although Tesla stock price has dropped 58.13% so far this year, BTC price has dropped 60.29% so far this year.

Will Elon Musk buy Bitcoin or Bitcoin?

Although many Bitcoin investors regard the new situation as a good time to buy Bitcoin cheaply, it is not clear whether Elon Musk or Tesla will allow this view.

At this stage, there is no data on the BTC chain indicating that such behavior has been implemented. It seems unlikely that Musk will buy Dogecoin with Tesla shares. Otherwise, it is very likely that the price of DOGE will rise rapidly. Whether Tesla will buy Bitcoin will not be known until the fourth quarter profit report released on January 25, 2023. Tesla has already sold 75% of its Bitcoin holdings.

At this stage, its remaining holdings are estimated at 10500 BTC. As this new energy electric vehicle manufacturer revealed in its new profit statement, the enterprise did not sell its BTC in the third quarter of 2022, nor did it choose to purchase additional Bitcoin.

Musk indicated on the conference call of the second quarter financial report that the new sale of Tesla BTC inventory was due to the uncertainty of the ban of novel coronavirus in China. It is noteworthy that he said Tesla is open to improving BTC's openness in the future.

As of the time of submission, the BTC price was $17724, which was rejected due to the important friction resistance of $18220.