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Is this the beginning of the end for bitcoin?

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Concerns investors will lose faith in the crypto following Tesla’s sell-off

Tesla’s bitcoin sell-off has analysts concerned, after the company dumped $936 million worth of crypto, or 75% of its total holdings.

Following the news – the crypto’s price dropped and gains seen just last week were brought back down to earth.

So now the world’s biggest EV manufacturer has dropped the majority of its Bitcoin stake, should we all be doing the same?

On an earnings call, Musk said his company dumped its holdings due to the uncertainty around China’s Covid lockdowns.

He noted it’s important for Tesla to maximise its cashposition during this difficult economic period.

“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximise our cash position.”

ELON MUSK

But does this really stack up? Or is it just an excuse following a nice rally?

Up until Wednesday, the last week had been good for Bitcoin, gaining 12 per cent in just seven days.

While other cryptos including ethereum and solana surged even more dramatically.

Musk says his company is still open to increasing bitcoin holdings in future.

But some analysts predict other big investors will use Tesla’s bitcoin sale as a justification to offload their own digital coins and send the price even lower.

“We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company.”

elon musk

They say like or not Musk can move markets and this is something to be conscious of.

But while the Tesla sell-off caught many off guard, analysts also stress this isn’t game over for Bitcoin and ebbs and flows are all just part of the market.

“The Tesla sell-off can trigger a new wave of related dumping from corporate bitcoin holders, most of which might also be distressed by the ongoing global economic downturn.”

ANDREY DIYAKONOV FROM CHOISE.COM SPEAKING TO CNN

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Disney withdraws ads from X amid tensions

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Bob Iger, the CEO of Disney, faces a turbulent period as he navigates through challenges including activist investor pressure, plummeting stock prices, and declining consumer interest in Disney movies.

Amidst these struggles, Iger has taken a controversial step by publicly announcing the withdrawal of Disney’s advertisements from Elon Musk’s social media platform, X (formerly known as Twitter). This move aligns with a broader trend of progressive CEOs distancing themselves from platforms associated with figures like Musk and Donald Trump.

The decision to pull ads from X marks a significant shift in the digital advertising landscape. This platform, under Musk’s leadership, aims to transform from a ‘lefty safe space’ to a hub for unrestricted free speech. This pivot includes a commitment to allowing conservative voices and resisting influence from political entities, including those in the Biden administration. However, this transformation has placed Musk, the world’s richest man, in a vulnerable position, drawing intense scrutiny and criticism.

Musk’s situation worsened following his endorsement of a controversial tweet, perceived as antisemitic, suggesting a Jewish conspiracy behind a demographic replacement theory. This incident fueled antisemitic sentiments, especially in the wake of the tragic Oct. 7 Hamas attack in Gaza. Additionally, a report by Media Matters, a Soros-supported organization, accused X of juxtaposing major company ads, like Disney’s, with harmful neo-Nazi content. This allegation led to an advertising boycott, severely impacting X’s financial stability.

At the recent New York Times DealBook conference, Iger openly criticized Musk’s actions and X’s content policies, leading to Disney’s ad withdrawal. While Musk admitted his error, he and his team have countered Media Matters’ claims, accusing them of defamation and filing a lawsuit. Amid these controversies, stakeholders are questioning Iger’s strategic decisions for Disney, especially considering his legacy as a former long-term CEO and his role in shaping the company’s current direction under his successor, Bob Chapek.

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Microsoft’s non-voting board seat in OpenAI revival

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Microsoft has secured a non-voting board seat at OpenAI, marking a significant development as Sam Altman returns to helm the organization as CEO.

Microsoft’s new role within OpenAI comes as the tech giant continues to deepen its involvement in AI research and development. While the board seat is non-voting, it symbolizes Microsoft’s commitment to fostering collaboration in the AI community.

This move follows Sam Altman’s recent appointment as CEO of OpenAI, bringing him back into the fold after a brief stint at the helm of the startup in its early days.

With the resurgence of Altman as CEO, and Microsoft’s newfound presence on the board, the question arises: What synergies will this partnership unlock between two prominent entities in the AI domain?

As AI technologies continue to advance, what potential breakthroughs can we expect from this collaboration?

In summary, Microsoft has secured a non-voting board seat at OpenAI as Sam Altman returns as CEO, signaling a deepening alliance in the world of artificial intelligence.

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Elon Musk’s X faces $75M loss as advertisers exit

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Elon Musk’s venture, X, is bracing for a substantial financial hit as reports suggest it could suffer losses of up to $75 million by the end of this year.

The turmoil stems from a growing exodus of advertisers, which has sent shockwaves through the company’s revenue streams.

The advertiser exodus appears to be linked to controversies surrounding Elon Musk and his unconventional approach to business and social media. Musk’s controversial statements and tweets have drawn both praise and criticism, but they seem to have alienated a significant portion of X’s advertising partners. Many companies are distancing themselves from the venture due to concerns about brand image and association with Musk’s unpredictable behavior.

This development raises pressing questions about the future of X and its ability to retain advertising partnerships. Can Elon Musk navigate these turbulent waters and win back advertisers? Will X need to reevaluate its strategies and adopt a more traditional corporate image? How might this impact the overall financial health of the venture, and what steps will be taken to mitigate losses?

In the midst of these uncertainties, it remains to be seen whether X can weather the storm and maintain its prominent position in the business world. Elon Musk’s unorthodox approach has often yielded success, but the current challenges pose a significant threat to the venture’s financial stability. As the year-end approaches, observers are closely watching to see how Musk and X respond to this critical situation.

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