In the wake of Tesla's recent slump, former Goldman Sachs chief investment officer Gary Black suggested the firm sell all its Bitcoin (BTC) holdings.
The proposal, submitted via social media, Twitter today claimed that this was the only way to 'revive' Tesla's shares, which had fallen by more than 30% since the purchase of BTC worth $ 1.5 billion in early February.
Imagine the positive momentum $ tsla would create if they announced the sale of their #btc position, and authorized a $ tsla stock buyback instead. Highly unlikely, but shareholders would be very supportive.
- Gary Black (@garyblack00) March 4, 2021
Black also claimed the firm should use the cash to repurchase shares and the decision is sure to garner strong support among Tesla shareholders.
However, the action has nothing to do with Bitcoin which has brought higher profits than car sales throughout the year.
Currently, most shares of electric car manufacturing companies are at a critical level.
Stock market investors are worried about rising bond yields that could weaken risk-on assets, especially giant companies like Tesla.
Bitcoin and Nasdaq Composite saw a sharp decline after Federal Reserve chairman Jerome Powell told the central bank would not raise interest rates.
