Elon Musk expressed interest in “big transactions” in Bitcoin amid Tesla’s debut on the S&P 500 index

Elon Musk asked about converting “big transactions” from Tesla’s balance sheet to Bitcoin in an exchange of comments on Twitter with Michael Saylor, a prominent supporter of digital currency.

In a series of tweets, Saylor, the executive director of Microstrategy Inc., asked the billionaire to transfer US dollars from the electric car manufacturer to Bitcoin and “Make its shareholders a 100,000 million US dollars favors“.

“Other S&P 500 companies would follow suit and, over time, become a $ 1 trillion favor,” Saylor added in his tweet on Sunday.

The exchange of comments came after Musk posted a suggestive image indicating that he was interested in Bitcoin, whose value has tripled this year.

“Are such large transactions possible?”Musk wrote on Twitter in response to Saylor. Many people assured him that they did, as did Saylor, who said he bought Bitcoin worth more than $ 1.3 billion and offered to share his “manual” offline.

Investors are fighting for exposure to record Bitcoin rally, even if it means paying a high profit margin. As the largest cryptocurrency rose to more than $ 23,000 for the first time last week, the fever propelled Bitwise 10 Crypto Index Fund to a 650% above the value of your shares., according to data collected by Bloomberg.

Debut at the S&P 500

On Monday, Tesla shares fell on its debut in the S&P 500, The main landmark on Wall Street, in a session marked by concerns about a new strain of coronavirus that is spreading rapidly in the UK.

Tesla shares down up 5% at $ 659.99 half an hour after the session.

The company becomes the most valuable company admitted to the S&P 500 and accounted for a 1.69% share in the index before trading Monday.

Tesla’s stock growth in the last year has brought its market value to about $ 630 billion, becoming the sixth most valuable company in the US to enter the public market. Tesla is by far the most traded stock on Wall Street, with an average value of $ 18 billion of its shares traded in each session in the last 12 months, easily surpassing Apple, which is in second place, according to data from Refinitiv.

Tesla has seen a boost eight times this year. The discovery catapulted Musk’s own fortune, adding $ 140 billion to its net worth of $ 167 billion, making him the second richest person in the world, according to the Billionaires Index. Bloomberg.

About one-fifth of Tesla’s shares are owned by Musk.

(With information from Bloomberg and Reuters)

MORE ON THIS TOPIC:

Tesla shares fall sharply at S&P 500 debut, pulling off record highs

How Elon Musk turned small investors who trusted Tesla into millionaires