Former Equities CIO of Goldman Sachs tells Tesla to dump Bitcoin for a buyback of it's own Shares
By: Mark Jessy

March 6, 2021 2:12 AM
Gary Black a former Goldman Sachs who closed his TSLA position just after the company announced its $1.5 billion Bitcoin purchase has dodge a 28% price crash of the firm stock.
The ex equities CIO of Goldman Sachs is now telling the company to dump it's Bitcoin stash and buyback it's own shares saying this would boast investor confidence in purchasing TSLA.
The TSLA shares in recent weeks has plummeted almost 28% from $863.42 per share to $621.44 since the news broke out on February 8 about Tesla's $1.5 billion BTC investment.
However, Tesla is not alone as asset management firm MicroStrategy have even fared worse in short term. The company led by Bitcoin bull Micheal Saylor, shares is down almost 50% from it's all time high of $1,315 on February 9. Although this hasn't detered the company from making a recent $15 million BTC investment.
Tesla recent share market fall cannot be tied to it's Bitcoin investment alone as a number of factors could be the reason for the recent price decline. as reported in early February, Chinese government had reprimanded Tesla over issues of quality control after being reported by consumers.
Longtime Tesla analyst Gary Black, with several decades of financial management experience, stirred a debate on Tesla’s of $1.5 billion investment in Bitcoin (BTC) last month if it has benefited it's investors or not.
Techgnostik tweeted:
“I don't want them buying back stock, ” he continued “I want them investing in growth, and making another billion on their BTC position.”
The analyst disagreed by proposing TSLA would also draw inclusion by more fund managers with a share buyback program, considering it of greater value to the investor than buying BTC "with excess cash.”
However, despite the fact that MicroStrategy’s share price has dropped 50% in just one month, shares of MSTR are still up 340% from the day the firm announced its first Bitcoin purchase of 21,454 BTC on August 11, 2020. MSTR jumped from $146.63 to $645.66.