{"id":36126,"date":"2021-02-09T17:18:45","date_gmt":"2021-02-09T15:18:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36126"},"modified":"2025-08-29T04:45:48","modified_gmt":"2025-08-29T01:45:48","slug":"former-goldman-sachs-top-executive-sells-tesla-shares-after-bitcoin-investment","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/former-goldman-sachs-top-executive-sells-tesla-shares-after-bitcoin-investment\/","title":{"rendered":"Former Goldman Sachs top executive sells Tesla shares after Bitcoin investment"},"content":{"rendered":"<p>Former Goldman Sachs chief investment officer Gary Black closed his long position in Tesla shares. He said the electric-car maker&#8217;s investment in Bitcoin influenced his decision.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Disclosure: I have exited my <a href=\"https:\/\/twitter.com\/search?q=%24TSLA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$TSLA<\/a> positions after being long since August 2019. The absence of clear FY\u201921 delivery guidance, increased odds of a 1Q miss, and a more risky capital allocation policy\/higher earnings variability were the primary factors.<\/p>\n<p>\u2014 Gary Black (@garyblack00) <a href=\"https:\/\/twitter.com\/garyblack00\/status\/1358795340862873602?ref_src=twsrc%5Etfw\">February 8, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Black had held shares of the Nasdaq-listed company (ticker TSLA) since August 2019. In his words, over the past 18 months these investments have yielded \u201ca lot of money,\u201d and he intends to <a href=\"https:\/\/twitter.com\/garyblack00\/status\/1358795343207481353\" target=\"_blank\" rel=\"nofollow noopener\">reopen<\/a> the long position at a lower price.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/search?q=%24TSLA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$TSLA<\/a> has always been higher risk, but investing $1.5B in <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> makes it more risky:<br \/>\n1\/ Missed 1Q non-GAAP EPS est by 25% ($.80 vs $1.03 est)<br \/>\n2\/ Didn\u2019t give FY\u201921 deliv guidance, and instead reiterated 50% L\/T vol growth goal<br \/>\n3\/ 4Q EV share (19.6%) and Auto GM % disappointing<\/p>\n<p>\u2014 Gary Black (@garyblack00) <a href=\"https:\/\/twitter.com\/garyblack00\/status\/1358833329118851073?ref_src=twsrc%5Etfw\">February 8, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u201cTesla has always been a high-risk investment, but buying $1.5 billion in Bitcoin makes it even riskier,\u201d Black wrote.<\/p>\n<\/blockquote>\n<p>The investor sold the shares amid a lack of clear 2021 guidance, higher odds of missing targets in Q1, and a more aggressive capital-allocation approach.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">2\/ I go back to my criticism of <a href=\"https:\/\/twitter.com\/search?q=%24TSLA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$TSLA<\/a> earnings calls, which already stood out for their vagueness, lack of detail, and non-discussion of strategic priorities. If <a href=\"https:\/\/twitter.com\/search?q=%24TSLA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$TSLA<\/a> purchased $1.5B in <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a> in January, why not share the logic with shareholders on the earnings call?<\/p>\n<p>\u2014 Gary Black (@garyblack00) <a href=\"https:\/\/twitter.com\/garyblack00\/status\/1358833330532343809?ref_src=twsrc%5Etfw\">February 8, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u201cIf Tesla bought $1.5 billion in Bitcoin in January, why not share the logic behind this decision during the investor conference call?\u201d Black asked.<\/p>\n<\/blockquote>\n<p>On February 8, Elon Musk&#8217;s company announced <a href=\"https:\/\/forklog.com\/en\/news\/elon-musks-tesla-invested-1-5-billion-in-bitcoin-the-assets-price-rose-to-44800\">the investment in Bitcoin<\/a>. The price of Bitcoin rose to a new all-time high above $44,000. At the time of writing, the asset was trading at around $45,880, according to CoinGecko.<\/p>\n<p>Earlier, former head of the Office of the Comptroller of the Currency (OCC) in the US Treasury, Brian Brooks, described Tesla&#8217;s investment in Bitcoin as exciting and frightening.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog FEED<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Goldman Sachs chief investment officer Gary Black closed his long position in Tesla shares. He said the electric-car maker&#8217;s investment in Bitcoin influenced his decision.<\/p>\n","protected":false},"author":1,"featured_media":36127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1138,1319],"class_list":["post-36126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-tesla"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=36126"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36126\/revisions"}],"predecessor-version":[{"id":36128,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36126\/revisions\/36128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/36127"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=36126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=36126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=36126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}