Tesla sold 75% of its bitcoins for almost a billion dollars
- July 21, 2022
- 0
Elon Musk’s Tesla company announced that it sold 75% of its bitcoins for $936 million in the second quarter of this year. As reported by Ukrinform, this was
Elon Musk’s Tesla company announced that it sold 75% of its bitcoins for $936 million in the second quarter of this year.
As reported by Ukrinform, this was reported by CNBC.
“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla said in its Q2 earnings report.
The company said these sales added $936 million in cash to its balance sheet.
Later, the head of the company, Elon Musk, explained why Tesla took such a step.
“The reason we sold a lot of bitcoin was because we didn’t know when the quarantine measures related to COVID-19 in China would be eased. Therefore, it was important for us to maximize our cash position.”
At the same time, Musk noted that such a decision of the company should not be perceived as a kind of sentence for bitcoins, adding that Tesla is open to increasing its crypto assets in the future.
Bitcoin is the world’s most popular cryptocurrency, representing the largest share of the entire cryptocurrency market. It was the first cryptocurrency available to the public and accordingly has the most advanced infrastructure. Bitcoin is believed to be a trendsetter in the world of cryptocurrencies.
Photograph: NurPhoto via Artur Widak / Getty
Source: Ukrinform
I’m Maurice Knox, a professional news writer with a focus on science. I work for Div Bracket. My articles cover everything from the latest scientific breakthroughs to advances in technology and medicine. I have a passion for understanding the world around us and helping people stay informed about important developments in science and beyond.
