The price of bitcoin hit a new high on Tuesday morning, surpassing $ 47,000 for the first time in its history. This was prompted by Monday’s revelation that You’re here bought $ 1.5 billion worth of cryptocurrency to keep his books. As we reported yesterday, Fortune Shawn Tully a questions about the wisdom of this purchase. But I’m sure Musk doesn’t care – he’s already done a half a billion dollars in unrealized profit on purchase. It’s just another demonstration of the market power that made it Fortune Businessman of the Year.
It also begs the question: Is Elon Musk responding to anyone? It turns out the answer is yes. Take a look at the language Tesla uses response to Chinese regulators inquire about quality issues. In one dossier, the company “sincerely accepted the advice of the ministries” and “thought deeply about the shortcomings.” This is a far cry from denigrating the SEC by Musk as the “Seller Enrichment Commission,” or telling US auto regulators its rules are “anachronistic,” or attacking California health officials as “no. elected and ignorant ”. Pretty clear where the power lies these days.
And speaking of China, a report from the Peterson Institute of International Economics reveals the trade deal he signed a year ago with the United States. turned out to be a flop. The “centerpiece” of the deal was an agreement by China to buy an additional $ 200 billion in US goods and services in 2020 and 2021. But exports linked to the trade deals actually fell by 40% of the amounts targeted. , in part because of COVID related issues.