According to reports, Kimbal sold Tesla's shares valued at $108 million just a day before Elon Musk polled Twitter users asking if he should sell 10% of his stake in the electric carmaker.
Kimbal, 49, is the younger brother of Elon Musk. He's also a major Tesla shareholder. He owns eco-friendly restaurant group called The Kitchen and has an estimated net worth of $700 million.
But it seems that Kimbal has no intention to isolate from news outlets amid the ongoing investigation as he recently said in a Zoom interview with Input that he is "violently opposed to anything that has that level of environmental impact," citing bitcoin's impact on the environment. He added:
[Crypto] as it stands today is a nonstarter. I violently agree that we have got to fix this environmental issue.
Kimbal, 49, even founded his own decentralized organization (DAO) called Big Green DAO, which aims to "radically reconceive and restructure grant-making, disrupting embedded power structures by putting nonprofits in the driver’s seat." The DAO wants to accomplish the goal role by utilizing ERC-20 governance tokens based on the Ethereum network, according to its website.
Ironically, Kimbal might be against Tesla as well as the Texas-based electric carmaker reported nearly $2 billion worth of bitcoin on its balance sheet at the end of 2021.
Although Elon Musk shared Kimbal's opinion in one of his tweets saying that the technology "cannot come at great cost to the environment," it doesn't seem that Tesla plans to offload its investment reserves anytime soon.
On the contrary, Tesla expanded its support for cryptocurrencies. Although Tesla doesn't support any ERC-20 token, the company has already integrated dogecoin (DOGE) as a payment method for the merchandise store.
With that being said, it doesn't seem that DOGE is also fully eco-friendly as the crypto uses ~0.12 kWh of energy per transaction — opposed to bitcoin's ~2,260 kWh. Some say DOGE's environmental impact is disputed mainly due to the fact that the setup of the crypto mining algorithm — Proof-of-Work — is the same that bitcoin uses every day since the very beginning.