Tesla Sells Off Most Of Its Bitcoin At Huge Loss

Yahoo News reports:

Electric car maker Tesla sold $936 million worth of bitcoin during the second quarter, the company said Wednesday, citing uncertainties related to COVID-19 shutdowns in China.

Tesla’s remaining digital asset holdings total $218 million, a sharp drop from its previous stash of $1.2 billion, which had gone untouched over the previous three quarters. “We are certainly open to increasing our Bitcoin holdings in future,” Musk said, “so this should not be taken as some verdict on Bitcoin.”

Upon its bitcoin purchase announcement, Musk also announced the company would take bitcoin as payment for its vehicles. The company yanked the bitcoin for Tesla offer four days later.

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Tesla has sold 75% of the bitcoin it had purchased, a little more than a year after investing in the digital currency https://t.co/vVqpgxjOMM

— The Wall Street Journal (@WSJ) July 21, 2022

Tesla is expected to post a $460 million accounting loss on its Bitcoin investment for the quarter.
https://t.co/8wcz1CSVgZ

— Observer (@observer) July 19, 2022