AutomotiveBusiness & Finance

Reuters ahead in reporting Tesla’s $1.5 billion bitcoin purchase; market reacts

Reuters was well ahead of the competition on Monday reporting that Elon Musk’s electric vehicle company Tesla Inc had bought $1.5 billion in bitcoin – news that sent the cryptocurrency up by 10%. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin, including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal. Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S. company, leaving other companies and investors eager to follow in his wake.

Market Impact

Bitcoin jumped 10% on the news.

Article Tags
Topics of Interest: AutomotiveBusiness & Finance
Type: Reuters Best
Sectors: Business & FinanceEquities
Regions: AfricaAsiaEuropeGlobalMiddle EastNorth AmericaSouth America
Win Types: Speed
Media Types: Text
Customer Impact: Major Global Story
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