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Reuters ahead in reporting Tesla’s $1.5 billion bitcoin purchase; market reacts

AutomotiveBusiness & Finance

Reuters was well ahead of the competition on Monday reporting that Elon Musk’s electric vehicle company Tesla Inc had bought $1.5 billion in bitcoin – news that sent the cryptocurrency up by 10%. Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin, including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal. Musk has upended Wall Street over the last year and briefly became the world’s richest person as shares of Tesla surged nearly 500% to become the fifth most-valuable U.S. company, leaving other companies and investors eager to follow in his wake.

Market Impact

Bitcoin jumped 10% on the news.

Article Tags

Topics of Interest: AutomotiveBusiness & Finance

Type: Reuters Best

Sectors: Business & FinanceEquities

Regions: AfricaAsiaEuropeGlobalMiddle EastNorth AmericaSouth America

Win Types: Speed

Media Types: Text

Customer Impact: Major Global Story

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