Last year, Tesla made a $ 1.5 billion investment in Bitcoin and announced that they would accept Bitcoin as payment. In late March, the automaker began accepting Bitcoin, but then abruptly removed the option in May, just 49 days later. Now the company reveals that they have sold 75 percent of their Bitcoin holdings and added $ 936 million in cash to their balance sheet.
During an investor conversation, Musk addressed the cryptocurrency sale, saying it “should not be taken as a judgment for Bitcoin.” Instead, he says Tesla sold its Bitcoins because the company is “concerned about the company’s overall liquidity given covid shutdowns in China.”
Tesla is said to have made a profit of $ 2.26 billion this quarter, a decrease of about 31 percent from the previous quarter when they reported a profit of $ 3.3 billion.
theverge.com
Internet, Cryptocurrency,
tesla, bitcoin, crypto
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