What Elon Musk's $21B Tesla Sale Gambit Says About Markets

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 9 November 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. Today on “The Breakdown,” NLW looks at why the fracas around Elon Musk’s Twitter poll about his selling 10% of his Tesla stock is about much more than Tesla. It has implications for domestic politics, market structure and why crypto is the future. Additionally, the Brief covers: The NYC mayor-elect says bitcoin should be taught in schools The latest on the infrastructure bill Pension funds are moving into alternative assets to find yield NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Samuel Corum/Bloomberg/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.2	The breakdown is sponsored by Nidig and produced and distributed by CoinDes.
0:22.5	What's going on, guys? It is Monday, November 8th, and today we are talking about what Elon Musk's
0:28.6	$21 billion Tesla sale gambit says about markets. This story is nominally just about a stock
0:36.1	sale, but really actually touches on so many different parts of what's going on in markets in the macro environment right now.
0:44.0	It touches on the state of American political discourse.
0:47.3	It hits stock market structure and how crypto is forcing changes in that structure.
0:52.2	And of course, it is centered around the significance of new social
0:55.8	channels and how they are changing power in the world. But first up, let's do the brief.
1:01.5	First on the brief today, the new New York City mayor is not messing around on crypto.
1:06.5	Last week, of course, we covered the story of New York City mayor-elect Eric Adams.
1:11.3	He had spoken positively about Bitcoin before.
1:13.9	He reinforced that in the days after the election.
1:16.6	He got into a little bit of a tete-a-tete with Miami Mayor Francis Suarez around who was going to take more paychecks in Bitcoin,
1:23.6	with Mayor Suarez responding to a pomp tweet saying that he would be the first mayor to take
1:27.6	his paycheck in Bitcoin, and then Eric Adams saying that he would take his next three paychecks
1:32.0	in Bitcoin. Well, over the week, this whole conversation continued. On Sunday, Adams was on
1:38.4	CNN's State of the Union, and when they asked him to explain Bitcoin, he laughed, saying that even
1:43.1	the experts had a hard time with that.
1:44.7	But he gave it a try.
1:46.5	He said, when I talked about blockchain and Bitcoin's, young people on the street stopped and asked me, what is that?
	...

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