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Tesla’s crypto stash – why is the price dropping?

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Tesla sold $936 million worth of bitcoin, or 75% of its holdings, in the second quarter of 2022, sending the crypto’s value tumbling

The company wrapped up its second quarter with $218 million in the digital coin, which is down from the 1.26 billion it had stashed in the previous three quarters.

Leading into this reporting period, Tesla was holding roughly 42,000 bitcoin.

The news has sent the crypto markets tumbling, with the price of bitcoin falling about 1.7 per cent to $23,300.

It’s a stark difference to February 2021 when Musk announced his company purchased 1.5 billion worth of the digital coin, which sent the crypto surging.

In that same year, Tesla started accepting bitcoin as payment for its vehicles, but then reversed the decision citing environmental concerns.

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This investor sold its equity stake in Twitter during Musk takeover saga

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A Securities and Exchange filing has showed active investor Elliott Management has sold its equity stake, as well as cutting its exposure, to Twitter

The company previously held 10 million stocks in the social media giant, and was one of its major shareholders.

Twitter’s stock price dramatically rose in April, on the back of Elon Musk wanting to buy the company for approximately $44billion.

The after-effects of the takeover saga are still ongoing, with the billionaire and Twitter embroiled in a legal battle.

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Why a Bitcoin mining company is going against a major merger

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Bitcoin mining company PrimeBlock has ended plans to go public via a specialpurpose acquisition company (SPAC) merger with 10X Capital.

The firms terminated the agreement via mutual consent, according to a US Securities and Exchange Commission filing.

Plans for the merger were confirmed in April, with expectations that it would be completed in the second half of 2022, carrying an enterprise value of $1.25billion.

No official reason has been given for the decision, but it is believed the volatility of both the crypto and mainstream markets in recent months may be a factor.

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American Airlines is getting into supersonic travel with major Boom order

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What was once a pipe dream – to fly as they did on the Concorde – American Airlines is bringing back supersonic travel.

The US airline has agreed to purchase 20 supersonic Overture planes from Boom Supersonic.

The deal is the second firm order in the last two years for Boom, which is still years from building its first commercial airplane. 

“Passengers want flights that are faster, more convenient, more sustainable and that’s what Overture delivers,” Boom CEO Blake Scholl told CNBC.

“Flight times can be as little as half as what we have today, and that works great in networks like American where we can fly Miami to London in less than five hours.”

Last year United Airlines made a commitment to buy 15 Overture jets.

Boom says the Overture jet will dramatically cutting trans-Atlantic and trans-Pacific flight times. 

“Supersonic travel will be an important part of our ability to deliver for our customers,” American’s chief financial officer, Derek Kerr, said in a statement announcing the order.

American has the option to purchase another 40 Overtures in the future.

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