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Benzinga
Benzinga
Business
Kaustubh Bagalkote

Gary Black Says Tesla's Bitcoin Holdings Not 'Relevant' To TSLA's Stock Price, Urges Focus On EV Expansion And Share Buybacks

Gary Black Tesla Inc. Bitcoin electric vehicle

Future Fund LLC Managing Partner Gary Black criticized Tesla Inc.‘s (NASDAQ:TSLA) Bitcoin (CRYPTO: BTC) holdings Wednesday, arguing they have minimal impact on the electric vehicle maker’s stock value as the cryptocurrency reached record highs.

What Happened: “The price of Bitcoin is not relevant to Tesla’s stock price,” Black wrote on X, noting that even at $100,000 per Bitcoin, Tesla’s holdings amount to roughly $0.33 per Tesla share. “My issue has always been capital allocation – shareholders can buy Bitcoin themselves.”

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