Tesla Crypto Token Grows Despite Shanghai Shutdown; Elon Musk buys shares of Twitter

Tesla’s crypto token trading suggests continued investor confidence in the automaker despite the closure of its factory in Shanghai due to COVID-19 restrictions.

As of Sunday, April 3, crypto tokens from electric vehicle maker Tesla were trading on the FTX exchange at $1,141.55. At about 5.3% above last Friday’s Nasdaq closing price ($1,084.59), the value of cryptocurrency tokens pointed to a rise in the stock price through Monday morning, which sits at around $1,115 as of this writing.

Tesla said it delivered a record 310,048 cars worldwide in the first quarter of the year, about 900 vehicles more than Bloomberg’s estimate, despite global supply chain disruptions caused by the coronavirus pandemic.

However, COVID-19 continues to complicate matters, having shut down a company factory after a recent outbreak in Shanghai, where 25 million residents are currently under gradual lockdown. Production at the factory was suspended intermittently for weeks and remains closed to this day. Tesla also asked staff to stay home and follow community instructions.

In addition to Shanghai, Tesla also has a factory in Fremont, California, recently opened one in Berlin, and plans to open its fourth factory in Austin, Texas on April 7. Tesla CEO Elon Musk recently said on Twitter that the quarter was “exceptionally tough”, before heaping praise on his company’s workers and suppliers.

Elon Musk buys shares of Twitter

Separately, Mr. Musk recently acquired a 9.2% stake in Twitter Inc. worth about $2.89 million, becoming the platform’s largest shareholder. Twitter stock jumped more than 26% after the release of the regulatory filing on Monday, April 4. Mr Musk’s decision follows a poll last month of his more than 80 million Twitter followers asking whether the platform respects free speech, to which 70% responded negatively.

As one of the most outspoken figures on the platform, Elon Musk’s statements have regularly led to dramatic swings in the prices of cryptocurrencies, including Dogecoin (DOGE).

The Tesla boss also made headlines last year when he announced that his company had invested $1.5 billion in bitcoin, lending legitimacy to the cryptocurrency while helping its mainstream adoption. public.

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