Tesla sold 75% of its bitcoins
- July 21, 2022
- 0
Electric car maker Tesla cashed about 75% of its bitcoins by the end of the second quarter of 2022, bringing in $936 million, according to a company report.
Electric car maker Tesla cashed about 75% of its bitcoins by the end of the second quarter of 2022, bringing in $936 million, according to a company report.
As Tesla CEO Elon Musk said in a conference call, the sale of the cryptocurrency was driven by the need to increase liquidity during the era of anti-COVID restrictions in China.
At the same time, the businessman noted that the company does not sell a “single” Dogecoin. He previously said that he will continue to support Dogecoin despite the market correction.
Musk also emphasized that Tesla is open to future bitcoin investments.
The company’s total quarterly profit was $16.93 billion.
Shares of Tesla (TSLA) are trading at $742 at the time of writing, according to Yahoo Finance. Bitcoin price dropped below $22,900.
Recall that it was known that Tesla invested $ 1.5 billion in Bitcoin in February last year, Elon Musk described these investments as “pretty risky”.
Already in April 2021, Tesla sold part of its assets for $ 272 million in the first cryptocurrency.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
