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Tesla Crypto Tokens Surge Despite Shanghai Shutdown as Musk Acquires Stake in Twitter

2 mins
Updated by Ryan Boltman
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In Brief

  • Tesla crypto token trading suggests investors’ continued confidence in the automaker, despite the shutdown of its factory in Shanghai due to COVID-19 restrictions.
  • Crypto tokens of the electric vehicle manufacturer were trading on cryptocurrency exchange FTX at $1,141.55 as of Sunday, April 3.
  • In related news, Musk recently acquired a 9.2% stake in Twitter Inc., worth around $2.89 million, becoming the platform’s largest shareholder.
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Tesla crypto token trading suggests investors’ continued confidence in the automaker, despite the shutdown of its factory in Shanghai due to COVID-19 restrictions.

Crypto tokens of the electric vehicle manufacturer were trading on cryptocurrency exchange FTX at $1,141.55 as of Sunday, April 3. At about 5.3% above Friday’s Nasdaq closing price of $1,084.59, the crypto tokens’ value augured a rise in the share price Monday morning, which currently stands at roughly $1,115.

Tesla reported delivering a record 310,048 cars worldwide during the first quarter, some 900 vehicles ahead of Bloomberg estimates, despite global supply-chain disruptions instigated by the corona virus pandemic. COVID-19 continues to compound complications, having shuttered Tesla’s factory after a recent outbreak in Shanghai, where 25 million residents are currently under phased lock downs. Production at the facility has been suspended intermittently for weeks and remains closed as of today. Tesla requested that staff remain at home and abide by community orders. 

In addition to Shanghai, Tesla also has a plant in Fremont, California, recently opened one in Berlin, and anticipates opening its fourth in Austin, Texas on April 7. Tesla CEO Elon Musk recently tweeted that it had been “an exceptionally difficult quarter,” and proceeded to praise Tesla workers and suppliers. 

Musk acquires Twitter stake

In related news, Musk recently acquired a 9.2% stake in Twitter Inc., worth around $2.89 million, becoming the platform’s largest shareholder. Twitter stock surged upwards of 26% after the release of the regulatory filing on Monday. Musk’s move comes after having polled his more than 80 million followers on Twitter last month, asking whether it adhered to free speech, to which 70% said no. 

One of the more outspoken personalities on the platform, pronouncements from Musk have regularly led to dramatic swings in the prices of cryptocurrencies, particularly Dogecoin (DOGE). Musk made headlines last year when he announced that Tesla invested $1.5 billion in Bitcoin, bringing legitimacy to the cryptocurrency while also contributing to its mainstream adoption.

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Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
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