Elon Musk sold Tesla shares worth billions for the fourth time in 2018. The crypto community is puzzled by the implications of this transaction on Elon Musk’s Bitcoin and Dogecoin holdings or Tesla’s BTC holdings.

According to a filing with U.S Securities and Exchange Commission , Musk sold shares worth $3.58 billion from Monday through Wednesday. It is unclear what Musk will use the money for. The crypto community is speculating about what the money will be used for. Musk has sold $23 billion in Tesla shares since the announcement of his acquisition of Twitter in April 2022.

Most likely, the funds from previous Tesla stock sale went towards the Twitter acquisition which cost Musk $44 billion. The billionaire’s fortunes have not been easy due to this costly takeover. The mainstream media has been harshly critical of Tesla CEO, Tesla. Twitter advertising has been stopped by some major corporations.

Musk acknowledged that there has been a significant drop in revenue as a result. Tesla’s share price has fallen more than 50% since April. Many investors worry Musk may be so obsessed with Twitter that he is losing sight of Tesla.

Tony Sycamore, an analyst with brokerage IG Markets, stated that this doesn’t inspire confidence and speaks volumes about his attention.

The performance of Tesla stock is surprising similar with Bitcoin’s. Although Tesla stock has lost 58.13% over the past year, the BTC price has dropped -60.29% YTD.

Will Elon Musk buy Bitcoin or Dogecoin from Bitcoin?

Many bitcoin investors view the current situation as an opportunity to buy Bitcoin at a bargain price, but it isn’t known if Elon Musk and Tesla share this view.

There is currently no BTC on-chain data that would suggest such an act. It is also unlikely that Musk would use his Tesla shares for Dogecoin. A massive pump at the DOGE prices would be necessary in order to avoid this. The Q4 earnings report due January 25, 2023 will reveal whether Tesla will purchase the BTC dip. Tesla already has 75% of its Bitcoin holdings.

The company’s remaining Bitcoin holdings are estimated to be 10,500 BTC. According to the latest earnings report by the electric carmaker, it did not sell its BTC holdings or purchase additional Bitcoin during the third quarter 2022.

Musk stated in a conference call about the second quarter earnings that Tesla sold its latest BTC stash due to uncertainty over COVID blocks in China. He noted with remarkable distinction that Tesla is open for increasing its BTC exposure in future.

The BTC price was at $17,724 at press time and was rejected at the key resistance of $18,220 at 18:00.