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Tesla's stock is now 'heavily tied' to the fate of bitcoin after the company's $1.5 billion purchase

5 days ago   |   By Business Insider

Elon Musk.
Britta Pedersen-Pool/Getty Images
Tesla's $1.5 billion purchase of bitcoin last month means the company's stock is "heavily tied" to the digital currency, Wedbush analyst Dan Ives said in a note on Tuesday. Tesla stock has dropped 21% since it announced its purchase of bitcoin earlier this month. "It's 'buckle up the seat belt time' again for Tesla's stock with more volatility on the horizon," Ives said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Tesla stock is "heavily tied" to bitcoin following its $1.5 billion purchase of the cryptocurrency last...
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