Tesla sold 75 percent of its Bitcoin
$Tesla(TSLA.US$ already reported vehicle shipment numbers for the second quarter, and now its full Q2 2022 financial report (pdf) reveals it’s dealing with inflation and the overall economic downturn, combined with a plunge in prices of $Bitcoin(BTC.CC$ and other cryptocurrencies. In the letter to investors, Tesla execs reveal the company has sold 75 percent of its Bitcoin holdings, adding $936 million in cash to its balance sheet.
Last year, Tesla made a $1.5 billion investment in Bitcoin and announced that it would accept Bitcoin as payment. Tesla started accepting Bitcoin in late March, then abruptly reversed itself in May, just 49 days later.
In the latest report, Tesla says the value of its remaining “digital assets” is $218 million, which it had reported at around $1.2 billion in previous quarters. Last July, Tesla CEO Elon Musk said, “I might pump, but I don’t dump ... I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”
Last year, Tesla made a $1.5 billion investment in Bitcoin and announced that it would accept Bitcoin as payment. Tesla started accepting Bitcoin in late March, then abruptly reversed itself in May, just 49 days later.
In the latest report, Tesla says the value of its remaining “digital assets” is $218 million, which it had reported at around $1.2 billion in previous quarters. Last July, Tesla CEO Elon Musk said, “I might pump, but I don’t dump ... I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Louis Jia Heng : Cathie wood convinced Elon bitcoins hedge inflation and now sell at loss?
razo2 : he talks so much. wished he shut up and don't steer youngsters for very bad investments.
TeslaSmurf : He couldn’t foresee a 1 month long shutdown at Shanghai, so he did well, to cover the loss. Furthermore, if they hadn’t sold them, they would have lost 30% at current prices, and they can always buy them back: a nice value “reservoir”, as the losses for impairment will be compensated by less taxes…
Well played, and the market approves.
GODGIVENFOOL139 : Ok