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Last week, we looked at a crossover episode for meme investing. This week, we ;re talking about Musk dumping tokens while holding onto others.You can get this newsletter in your inbox every week by subscribing on TechCrunch& 82
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17 newsletter page.Dumping favorA weekly dispatch from the desk of TechCrunch crypto editor Lucas Matney:Elon Musk shared that Tesla sold some Bitcoin this week. Well, to be fair they sold an awful lot of Bitcoin 鈥?tens of thousands of coins.And while Tesla announcement last year that they were buying Bitcoin sent prices to the moon, the disclosure Wednesday that they sold 75% of their Bitcoin reserves in Q2 didn ;t drastically impact the crypto market, which has been on a tear this week with BTC prices pumping and Ethereum shooting e
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ven higher though still wildly be
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low prices from a couple months ago .At the end of the day, Tesla was one of the top corporate holders of Bitcoin and Elon Musk was, for a while at least, the currency top Prpj China bans Micron chips in key infrastructure overnational securityrisks
But the decline in demand harmed both companies. We can see that in their full-year numbers. Uber revenue fell from $13 billion in 2019 to $11.1 billion in 2020. Lyft fell from $3.6 billion in 2019 to a far-smaller $2.4 billion in 2020.The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get Th
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e Exchange newsletter every Saturday.But Uber and Lyft are excited that they will reach adjusted profitability, measured as earnings before interest, taxes, depreciation, amortization and even more stuff stripped out, by the fourth quarter of this year.Ride-hailing profits have long felt similar to self-driving revenues: just a bit over the horizon. But after the year from hell, Uber and Lyft are pretty damn certain that their highly adjusted profit dreams are going to come through.This morning, let unpack their latest numbers to see if what the two com
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panies are dangling in
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front of investors is worth desiring. Along the way we& 821