Tag Archives: Motors

Tesla Motors, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN) – Tesla CEO Elon Musk Proposes Selling 10% Of His Company Stock, He’s Asking Twitter Followers To Decide

Elon Musk on Saturday sent a tweet in which he proposed selling 10% of his Tesla Inc (NASDAQ: TSLA) stock, and asked his followers to vote on his decision.

What Happened: The Tesla CEO was referencing a proposal in the U.S. Senate to tax the richest Americans in an effort to pay for social safety net and climate change policies. The plan would tax billionaires on the unrealized gains in the value of their liquid assets, such as stocks, bonds and cash. Musk responded in a tweet.

Musk followed up with a second tweet about 10 minutes later, explaining why selling his Tesla stock would be his way of paying such a tax.

At the time of publication, 55.6% supported Musk selling his stock, while 44.4% opposed the idea.

Why It Matters: The tax would be levied on those with more than $1 billion in assets or more than $100 million in income for three consecutive years, that’s about 700 people in the United States. Included in that group are Musk, Meta Platforms Inc (NASDAQ: FB) founder Mark Zuckerberg, and Amazon.Com Inc (NASDAQ: AMZN) founder Jeff Bezos.

The legislation would initially impose a capital gains tax of 23.8 percent on the increase in value of billionaires’ tradable assets based on the original price of those assets.

Related Link: Why Paul Krugman Accuses Elon Musk Of An ‘Insecure Ego’

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



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Merck, Lordstown Motors, Coty, Zoom and others

Check out the companies making headlines before the bell:

Merck (MRK) – Merck shares surged 7.5% in the premarket after it announced that its experimental Covid-19 pill cut the risk of death and hospitalization by 50% in a late-stage study. Merck plans to file for emergency use authorization as soon as possible.

Lordstown Motors (RIDE) – Lordstown struck a deal to sell its Ohio plant to Taiwan’s Foxconn for $230 million, with Foxconn taking over the manufacturing of Lordstown’s full-sized electric pickup truck. It was reported earlier this week that a deal between the two sides was near. Lordstown rallied 6.3% in premarket trading.

Coty (COTY) – The cosmetics company’s stock gained 2% in the premarket as it announced a deal to sell another 9% stake in its Wella beauty business to private equity firm KKR (KKR). In return, KKR will redeem about half its remaining convertible preferred shares in Wella, reducing Coty’s stake to about 30.6%. Coty had sold a 60% stake in Wella to KKR last December.

Zoom Video Communications (ZM) – Zoom and Five9 (FIVN) have terminated a nearly $15 billion deal by mutual consent. Zoom had struck a deal to buy the contact center operator, but it was rejected by Five9 shareholders. The two sides will continue a partnership that had been in place prior to the proposed transaction. Zoom jumped 4% in the premarket while Five9 slid 1.4%.

Walt Disney (DIS) – Disney and Scarlett Johansson have settled a lawsuit involving the “Black Widow” movie. Johansson had sued Disney over the release of the movie on the Disney+ streaming service at the same time it was debuting in theaters. Terms of the settlement weren’t disclosed.

Wells Fargo (WFC) – Wells Fargo will have to face a shareholder fraud lawsuit involving its attempt to rebound from years of scandals. A judge rejected the bank’s moved to have the suit dismissed, saying it was plausible that statements by various Wells Fargo officials about the recovery were false or misleading.

Exxon Mobil (XOM) – Exxon Mobil said in an SEC filing that higher oil and gas prices could boost third-quarter earnings by as much as $1.5 billion. Exxon profits have been improving amid the rising prices as well as cost cuts by the energy giant.

Nio (NIO) – Nio reported deliveries of 10,628 vehicles in September, a 126% increase over a year ago for the China-based electric vehicle maker. Nio added 1.8% in the premarket.

International Flavors (IFF) – The maker of food flavoring and cosmetic ingredients said Chairman and Chief Executive Officer Andreas Fibig plans to retire, although he’ll remain at the helm of the company until a successor is found. Shares added 2.5% in premarket action.

Jefferies Financial Group (JEF) – Jefferies reported a quarterly profit of $1.50 per share, beating the 99-cent consensus estimate, with the financial services company’s revenue also topping Wall Street forecasts. Jefferies saw its results boosted by a strong performance in its investment banking business. Jefferies gained 1.4% in the premarket.

MGM Resorts (MGM) – Susquehanna Financial downgraded MGM to “negative” from “neutral,” saying the DraftKings (DKNG) bid for British gambling company Entain weakens MGM’s prospects in the digital gaming and betting market.

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If You Invested Your 3 Stimulus Checks In Bitcoin, Dogecoin Or Ethereum, Here’s How Much It’d Be Worth Today – Tesla Motors (TSLA)

In 2020, the Coronavirus Aid, Relief and Economic Act provided payments of $1,200 to eligible adults and another $500 for those with qualifying children.

The CARES Act was the first of three rounds of stimulus payments for Americans since March 2020.

The Tax Relief Act of 2020 in December declared additional payments of $600 per eligible adult and up to $600 for those with qualifying children.

The American Rescue Plan Act of 2021 provided an additional $1,400 payment to eligible adults and up to $1,400 for those with qualifying children.

The stimulus money was used by Americans for various items, including helping offset increased expenses or lower income due to the COVID-19 pandemic. Others saved the money or invested it.

Here is a look at the return a consumer would have had if they put their stimulus checks ($1,200, $600 and $1,400) into leading cryptocurrencies like Bitcoin, Dogecoin and Ethereum on the respective dates of April 11, 2020, December 29, 2020, and March 12, 2021.

Stimulus Checks in Bitcoin: Investing in Bitcoin (CRYPTO: BTC) with a portion of stimulus checks may have been a popular option for investors and people looking to store some of the payment from the US government.

Bitcoin traded at $6,926 on April 11, 2020, $27,370 on December 29, 2020 and $57,996 on March 12, 2021. A person who put all $3,200 from the stimulus checks into Bitcoin would have been able to purchase a total of 0.219 of the cryptocurrency. Based on a price of $42,588.24 for Bitcoin today, that $3,200 would now be worth $9,326.

Related Link: How To Invest In Cryptocurrency With Your Stimulus Check

Stimulus Checks in Dogecoin: The meme cryptocurrency known as Dogecoin (CRYPTO: DOGE), which has gained interest and value thanks to support from people like Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, was also a place some people put their stimulus checks.

Dogecoin traded at $0.0020 on April 11, 2020, $0.0046 on December 29, 2020 and $0.0570 on March 12, 2021. A person who put all $3,200 from the stimulus checks into Dogecoin would have been able to purchase 754,996 Dogecoin. Based on a price of $0.2079 today, that $3,200 would now be worth $156,963.

Stimulus Checks in Ethereum: One of the fastest growing cryptocurrencies in 2021 is Ethereum (CRYPTO: ETH), thanks to its connection to non-fungible tokens.

Ethereum traded at $161.17 on April 11, 2020, $737.95 on December 29, 2020 and $1,839.50 on March 12, 2021. A person who put the $3,200 into Ethereum would have been able to purchase 9.02 of the coins. Based on a price of $2,906.61 for Ethereum today, that $3,200 investment would now be worth $26,218.

Stimulus Checks In All 3 Cryptocurrencies: A more diversified approach from an investor could have seen investments in Bitcoin, Dogecoin and Ethereum. Splitting the $3,200 into equal investments of the three cryptocurrencies on the respective stimulus payout days would have given an investor .0731 Bitcoin, 251,665 Dogecoin and 3 Ethereum. The three cryptocurrencies would be worth $64,154 today based on equal investments from the three stimulus checks.

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Lordstown Motors Stock Is Soaring Because It Has a New CEO

Text size

Lordstown will begin production of its Endurance electric truck later this year.


Matthew Hatcher/Bloomberg

Electric truck start-up

Lordstown Motors

has a new CEO. Investors reacted with relief.

The company named Daniel Ninivaggi as its new CEO Thursday morning, effective immediately. Lordstown (ticker: RIDE) shares are up 25% to $6.88 in early trading. The

S&P 500

is down 0.1%. The

Dow Jones Industrial Average

is up 0.2%.

Ninivaggi takes over from board chair Angela Strand, who ran the company after the departure of Steve Burns in June. Burns left shortly after the company received a “going concern” warning from its auditor. That warning, essentially, means the company might not have the capital required to keep operating without a significant change.

The company is also being investigated by the Securities and Exchange Commission and the Justice Department regarding the handling of its SPAC merger and recording of vehicle pre-orders. Vehicle pre-orders were an issue raised in a negative research report by a short seller in March.

Lordstown stock hit a 52-week low on Aug. 19. Shares have rallied off the bottom and, including Thursday’s gains, are up about 44% from a nadir of $4.77 a share. Still, shares are off about 80% from their 52-week high of almost $32.

Ninivaggi is the former CEO of

Icahn Enterprises

(IEP) and has served in a “variety of senior leadership positions in the automotive and transportation industries,” according to the company. His previous automotive jobs include stints at parts suppliers

Lear

(LEA) and Federal-Mogul. He also serves on the board of

Garrett Motion

(GTX), the turbocharger business spun out of

Honeywell International

(HON).

“I believe the demand for full-size electric pickup trucks will be strong and the Endurance truck…has the opportunity to capture a meaningful share of the market,” said Ninivaggi. The Endurance, Lordstown’s first product, is due to start production in the coming months. “I look forward to working with the talented Lordstown management team, our suppliers and other partners to bring the Endurance to market and maximize the value of our assets.”

Ninivaggi will have a tough job. Wall Street has soured on Lordstown stock. Only one out of eight analysts, or 13%, rates shares Buy. The average Buy-rating ratio for small-capitalization stocks is about 60%. What’s more, 50% rate shares Sell. The average price target of the sell-rated analysts is about $1.55 a share.

Write to Al Root at allen.root@dowjones.com

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Lordstown Motors says hedge fund may buy up to $400 mln of its stock

A Lordstown Motors pre-production all electric pickup truck, the Endurance, is seen after being merged with a chassis at the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook

July 26 (Reuters) – Lordstown Motors Corp (RIDE.O) said on Monday hedge fund YA II PN Ltd has committed to purchase up to $400 million of the company’s shares, over a three year period, coming at a crucial time when the electric-truck maker faces heightened regulatory scrutiny related to its SPAC merger and vehicle pre-orders.

Under the deal, YA can receive nearly 35 million Lordstown shares upon execution of the agreement, subject to the approval of Lordstown shareholders, as well as a small discount on the shares whenever purchased, according to a regulatory filing.

Lordstown’s shares rose 3.9% to $7.77 and are on track to snap a three-day streak of losses.

Some industry observers called it a good deal for Lordstown.

“Existing shareholders are not taking $400 million worth of dilution. It’s like a standby commitment on the part of YA to buy stock when Lordstown says it needs more money,” said Erik Gordon, professor at the University of Michigan’s Ross School of Business.

“I was surprised. It’s more like the knight in shining armor than the vulture at the carcass.”

The agreement comes a month after Lordstown warned it may not be able to continue as a “going concern.” The company had since attempted to allay fears by saying it was in talks with multiple parties to raise funds.

The investor, YA II PN Ltd, is a fund managed by Mountainside, New Jersey-based investment manager Yorkville Advisors Global LP.

Yorkville has investments in more than 700 companies in over 20 countries, according to its website. Its current active sectors include healthcare, metals and mining, energy, technology, and cannabis. Some of its investments include cannabis deals network Leafbuyer.com, copper ores company Copperstone Resources and biotechnology company CytoTools.

Yorkville Advisors Global did not immediately respond to a Reuters’ request for comment.

(This story corrects typo in headline to say “up to”)

Reporting by Eva Mathews and Ankit Ajmera in Bengaluru and Ben Klayman in Detroit; Editing by Shailesh Kuber and Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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Square (SQ), Tesla Motors (TSLA), Twitter (TWTR) – Snoop Dogg Prepares To Smoke A Dogge Coin With Elon Musk ‘On Tha Moon’ As His NFT Pieces Sell Fast

Rapper Snoop Dogg has sold out several of the non-fungible tokens he had put on sale as a part of the collection titled “A Journey with the Dogg.”

What Happened: The collection, which included a piece dubbed a “Diamond Joint,”  and other pieces such as “Snoop Dogge Coins,” and “Drop Tha Mic” was put on sale for a limited period of 48 hours on April 2. 

Diamond Joint included an original track by Dogg titled “NFT.”

Snoop Dogg took to Twitter to express thanks to several purchasers of the pieces including one buyer who picked up three collectibles. 

Why It Matters: Pieces sold out from the collection at press time include “The Hustle,” “Death Row,” “Drop Tha Mic,” and “Young Snoop.”

Several editions of the Snoop Dogge Coins were also sold out as of press time, with 626 out of 5000 up for sale. Dogg said he, alongside Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, was going to smoke one of the coins “on tha moon.” Musk had earlier said he would be putting a Dogecoin (DOGE) literally on the moon.

Out of 20,000 editions of the Diamond Joint, just 185 were up for sale at press time.

The Young Snoop piece is described as taking “you back to his [Snoop Dogg’s] roots and how he came to be who he is today.”

The proceeds from the NFT sale will be used for supporting young and emerging artists in cryptocurrency space and Snoop Dogg’s Youth Football League. 

Last month, the digital artist Beeple sold NFT art for a record $69 million. The sale was denominated in Ethereum (ETH), which traded 1.39% higher at $2,064.34 at press time.

ETH reached its all-time high of $2,152.45 on Friday.

See Also: Now Create Your Own NFT Art Featuring Elon Musk And Dogecoin With This Website

Art created by a humanoid robot also sold for $700,000 in March and so did some other very weird pieces including the first tweet from Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ) CEO Jack Dorsey.

Photo by Bob Bekian on Flickr



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Micron, QuantumScape, Hyzon Motors CEOs on Biden’s infrastructure plans

U.S. President Joe Biden speaks about his $2 trillion infrastructure plan during an event to tout the plan at Carpenters Pittsburgh Training Center in Pittsburgh, Pennsylvania, March 31, 2021.

Jonathan Ernst | Reuters

Micron

“This is clearly important because the semiconductors form the backbone of everything today in the economies,” Micron’s Mehrotra said. “We are really a leader in memory and storage, the only U.S. company. We are definitely excited about the prospects of driving greater leadership in research, technology and products through the U.S., as well as on a worldwide basis.”

Micron is a major player in the market of dynamic random-access memory, or DRAM, and flash memory.

With demand for electronic consumer products rising, a semiconductor shortage has been a boon for the chipmaking industry, but a negative for their end markets, particularly in autos. The White House infrastructure plan would commit money to semiconductor manufacturing and research in the U.S.

QuantumScape

QuantumScape’s Singh welcomed Biden’s pledge to invest in electric vehicles, noting that more focus is needed addressing key hurdles that keep electric vehicles from being competitive with traditional combustion engines. Those hurdles include long-range travel, battery charging times and lower costs, he said.

“It’s very exciting. … It’s great that the administration is so supportive of this electrified transition that is critical to regress emissions, but our view is that at the end of the day, you know, government policy is not enough,” Singh told Jim Cramer.

“You’ve got to have a product that people want to buy, and we think that people are going to want to buy more EVs once they’re more competitive with combustion engines. That’s really the promise of what we’re doing.”

Hyzon Motors

Hyzon Motors is a private hydrogen-fuel cell company that’s based in Honeoye Falls, New York. The company, which is being acquired by a blank-check firm called Decarbonization Plus Acquisition Corp in a deal worth $3.9 billion, does business in the commercial vehicle market, including heavy-duty trucks and buses.

Knight — who heads and co-founded the company, said hydrogen-powered trucks don’t get enough recognition — adding that the power source is more suitable for long-range driving.

“Hydrogen trucks are electric trucks. They are fuel cell electric trucks,” he said. “We see great potential for those kind of back-to-base operations with high utilization to move toward hydrogen.”

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AMC Entertainment Holdings (AMC), Gamestop Corp. (GME), Tesla Motors (TSLA) – 5 Best-Performing Cryptocurrencies Of Q1 (No — Bitcoin, Dogecoin Don’t Make The Cut)

As the first quarter of 2021 draws to a close, here are the five best-performing cryptocurrencies, with a market capitalization of above $1 billion, for the period. 

The list does not include Bitcoin (BTC) and Dogecoin (DOGE), even though they rose 101.14% and 852.15% in Q1 respectively. BTC traded 0.19% higher at $58,851.88 while DOGE traded 0.23% lower at $ 0.054 at press time.

Content Value Network (CVNT)

CVNT soared a whopping 41,532.67% in the first quarter to about $2.96. The content distribution platform was launched on Huobi Global in January 2019.

Dent (DENT)

DENT skyrocketed 6,367.68% in the first quarter at $0.0125.

The token is associated with Dent Wireless, which calls itself the first digital and mobile operator. According to Cointelegraph, there are rumors making the rounds of Reddit that Dent might partner with Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s Starlink. The company announced an eSIM reseller platform on Wednesday.

On its website, Dent highlighted milestones which include optimized connectivity for the Tokyo Summer Olympics. 

Pundi X (NPXS)

NPXS shot up 4,409.95% in the first three months of 2021 at around $0.0077.

This month, the token saw a massive spike thanks to token staking, reduction, and positive sentiment surrounding the altcoin market. Creator and CEO of PundiXLabs confirmed the token reduction and staking news. He also said Decentralized Finance farming was coming.

Harmony (ONE)

ONE rose 4,166.84% in the quarter. The cryptocurrency traded 2.71% lower at $0.183 at press time.

ONE reached its all-time high of $0.2233 on March 29. Developer Péter Szilágyi called out Harmony for violating Ethereum software licenses this month. ONE gained mentions on social media and was one of the top tickers on Stocktwits.com trending streams in mid-March.

In January, the blockchain company released its 2021 roadmap. Harmony offered a limited edition of 100 Atari Centipede, an 1980’s fixed shooter arcade game, capsule collections as non-fungible tokens on Wednesday. Those were sold out in less than 1.5 hours.

Terra (LUNA)

LUNA gained 2,746.95% in Q1. The coin traded 0.99% higher at $18.55 at press time.

The cryptocurrency touched its all-time high of $22.33 on March 21. The blockchain associated with LUNA uses fiat-pegged stablecoins to power global payments systems.

This month TerraUSD and associated UST stablecoin saw huge demand from Mirror, Terra’s synthetic assets protocol. In order to meet the demand 80 million LUNA were burned to mint 447 million UST, which reduced LUNA’s circulating supply to 404 million from 484 million thus pushing up prices, according to Cointelegraph. 

Another event that reportedly buoyed LUNA was Robinhood’s trading ban on GameStop Corp. (NYSE:GME), BlackBerry Ltd (NYSE:BB), and AMC Entertainment Holdings Inc (NYSE:AMC) stock which may have led a large swathe of traders to decentralized exchanges and synthetic assets.



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Northrop Grumman to supply solid rocket motors for first Mars Ascent Vehicle – Spaceflight Now

This illustration shows a concept of how the NASA Mars Ascent Vehicle, carrying tubes containing rock and soil samples, could be launched from the surface of Mars in one step of the Mars sample return mission. Credit: NASA/JPL-Catlech

NASA awarded Northrop Grumman a contract worth as much as $84.5 million earlier this month to supply rocket motors for a first-of-its-kind launch vehicle to fire a capsule of rock samples off of Mars on a journey back to Earth.

The Mars Ascent Vehicle will fly to the Red Planet on a robotic mission scheduled for launch in 2026. The mission’s objective is to collect rock specimens gathered by NASA’s Perseverance rover, which landed on Mars last month.

Elements of the Mars Sample Return mission are scheduled for launch on two rockets in 2026. One part of the mission will launch on a U.S. rocket, and deliver to the Martian surface a rover to fetch the samples gathered by Perseverance, along with a makeshift launch pad and the Mars Ascent Vehicle.

The rover will load the rock specimens into capsule on top of the rocket. Then the Mars Ascent Vehicle will fire the sample canister into orbit around the Red Planet, where a European Space Agency spacecraft will rendezvous with the sample carrier.

The European orbiter will snag the sample and seat it for return to Earth. If all goes according to plan, the entire campaign to bring home Mars specimens will cost about $7 billion, and the materials could be back on Earth by 2031.

One of the untried mission elements required for the Mars Sample Return program is the rocket that will boost the rock specimens off of the Red Planet.

Northrop Grumman won the Mars Ascent Propulsion System, or MAPS, contract to “provide propulsion support and products” for the Mars Sample Return program,” NASA announced March 4. NASA said the cost-plus, fixed-fee contract has a potential mission services value of $60.2 million and a maximum potential value of $84.5 million.

Technicians work with a Star 27 solid rocket motor used as a kick stage on NASA’s Interstellar Boundary Explorer mission. Credit: NASA

“The Martian environment will be a significant factor in the design, development, manufacturing, testing, and qualification of two different solid rocket motors with multiple deliveries of each,” NASA said in a statement. “Through the MAPS contract, Northrop Grumman will provide the propulsion systems for the MAV, as well as other supporting equipment and logistics services.”

“We are committed to help build the rockets that will orbit the samples Perseverance collects so they can be returned to Earth,” said Rebecca Torzone, vice president of missile products at Northrop Grumman. “We play a vital role with NASA, as we have for decades, by providing key propulsion and control subsystems in support of human spaceflight and robotic exploration missions.”

Based on preliminary design constraints, the Mars Ascent Vehicle can be no taller than 9.2 feet (2.8 meters) and no wider than 1.9 feet (57 centimeters). Its total liftoff mass must not exceed 881 pounds (400 kilograms).

Martian gravity is just 38 percent that of Earth, meaning a rocket designed to launch a payload into orbit can be much smaller on Mars. And the MAV only has to deliver some 30 to 35 pounds (14 to 16 kilograms) of payload into orbit around Mars.

The requirements stack up to create a MAV concept that is tiny by launch vehicle standards, but it’s just enough to do the job, according to NASA engineers. After initially looking at a single-stage hybrid propulsion rocket design, engineers at NASA’s Marshall Space Flight Center in Huntsville, Alabama, determined a two-stage, solid-fueled rocket is the best choice for the Mars Ascent Vehicle.

Last year, NASA officials said the selection of the Perseverance rover’s landing site in Jezero Crater, which will also be the MAV’s launch site, allowed engineers to consider a solid-fueled rocket design. Located near the Martian equator, Jezero is home to a dried-up lake and river, which scientists believe may preserve signatures of ancient life.

Jezero’s climate is warmer than other locations considered for Perseverance’s landing, making it more amenable for solid rocket motors, which consume pre-packed propellants. Jim Watzin, the former head of NASA’s Mars exploration program, said last year that solid rocket motors are “very much a known and established entity.”

“We made a selection to go with something that we know and understand, that was not necessarily going to have a big challenge with the new, revised temperature limits that we’re going to face,” Watzin said.

The MAV will launch in mid-2026 with the U.S.-built Sample Retrieval Lander and a European fetch rover. Under current mission plans, the rocket won’t be fired until mid-2029 to begin the return trip to Earth.

Northrop Grumman supplies solid-fueled rocket motors for military missiles and satellite launchers, which are sometimes stored for decades before use. The MAV stages will launch pre-loaded with solid propellants.

Thiokol Propulsion, which is now part of Northrop Grumman after a series of corporate acquisitions, developed a solid rocket motor for NASA’s Magellan spacecraft that successfully fired after more than 15 months in space to place the probe into orbit around Venus in 1990.

According to NASA, Northrop Grumman owns a proprietary solid propellant formulation that could be used for the Mars Ascent Vehicle.

Northrop Grumman said in a statement will provide a variant of its Star-class solid rocket motors for the first and second stages of the Mars Ascent Vehicle, plus the first stage’s thrust vector control steering system and small rockets for spin stabilization of the second stage.

Email the author.

Follow Stephen Clark on Twitter: @StephenClark1.



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Tesla Motors (TSLA) – How Tesla Plans To Tackle Bitcoin Volatility In Payments For Its Vehicles

Tesla Inc (NASDAQ:TSLA) has come up with a payment window methodology to tackle Bitcoin’s (BTC) notorious volatility.

What Happened: The automaker has released its “Bitcoin Terms & Conditions,” which lay out the procedure for purchasing a vehicle with BTC. 

The Elon Musk-led company will price all products in U.S. dollars and customers choosing to pay in BTC must pay an equivalent value. Tesla will provide a BTC equivalent price.

“You must initiate the transfer of the Bitcoin Price to us within the time period that we provide to you together with the Bitcoin Price (the “Bitcoin Price Window”),” as per Tesla’s terms.

If the transfer is not initiated within the Bitcoin Price Window, the BTC price will expire and Tesla will provide a new BTC price and window on customer’s request.

Why It Matters: Musk announced Wednesday that Tesla would begin to accept Bitcoin payments for its vehicles. He said the company would not convert the paid amounts into fiat.

The swings in BTC can be gauged by the current price action. BTC traded 3.24% lower at press time at $53,028.38. It touched a high of $57,262.38 in a 24-hour period.

If you were to order a Model S Long Range for the purchase price of $78,490 at press time it would cost BTC 1.48, but during the 24-hour high it would have cost BTC 1.37, that’s a difference of 8.02% within the span of 24 hours.

However, volatility aside, there may be one advantage for customers buying a Tesla with BTC — lower taxes.

Price Action: Tesla shares closed nearly 4.8% lower at $630.27 on Wednesday and gained almost 0.6% in the after-hours trading.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.



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