In February, Tesla purchased 1.5 billion dollars worth of bitcoin for investment and diversification purposes. Subsequently, its stock price plummeted. Will this polarizing move benefit Tesla in the long-term? Only time will tell.
With the magnification in intensity of climate change and global warming, many have wondered if the next step for humanity is between the stars. Some advocates of this proposition include Elon Musk, founder of Tesla and SpaceX, who is adamant on establishing a colony on Mars, former theoretical physicist Stephen Hawking, who ominously proclaimed that the human race would become extinct if we didn’t colonize another planet within 100 years, and President Trump, who recently supported a $25 billion budget for NASA and agreed the “goal is Mars.”
On February 17th 2020, the richest man alive announced that he will donate about 8% of his fortune to fighting climate change. Jeff Bezos, the founder and one of the current shareholders of Amazon, made this announcement through his Instagram account saying that he will donate 10 billion USD to fund “scientists, activists, NGOs — any effort that offers a real possibility to help preserve and protect the natural world.” After seeing that post, many people had the same question in their mind: Where exactly will this money go?
There are many justifications for this sudden surge in demand for Tesla stock; however, does any permutation of such reasons warrant a $60 billion increase in market valuation, , especially since Tesla is yet unprofitable?