Tesla Unloads 75% , of Its Bitcoin Holdings.
Tesla Unloads 75% , of Its Bitcoin Holdings.
TechCrunch reports that during its
Q2 earnings report, Tesla revealed it
sold 75% of its Bitcoin for $963 million.
The company also revealed that the remainder of its "digital assets" are valued at $218 million. .
Last year, Tesla bought $1.5 billion worth
of cryptocurrency and said it would
accept Bitcoin as payment.
Soon after, Elon Musk announced a reversal
of those plans, revealing Tesla would
no longer accept crypto payments.
Soon after, Elon Musk announced a reversal
of those plans, revealing Tesla would
no longer accept crypto payments.
Tesla's recent selloff comes as
crypto prices continue to decline.
Tesla's recent selloff comes as
crypto prices continue to decline.
The company's executives also referenced the uncertainty of China's COVID lockdowns and wanting to maximize cash positions.
The company's executives also referenced the uncertainty of China's COVID lockdowns and wanting to maximize cash positions.
We are certainly open to increasing bitcoin holdings in future. So this should not be taken as some verdict on Bitcoin. It’s just that we were concerned about overall liquidity for the company given COVID shutdowns in China, Zachary Kirkhorn, Tesla CFO, via TechCrunch.
We are certainly open to increasing bitcoin holdings in future. So this should not be taken as some verdict on Bitcoin. It’s just that we were concerned about overall liquidity for the company given COVID shutdowns in China, Zachary Kirkhorn, Tesla CFO, via TechCrunch.
TechCrunch reports that overall, Tesla's Q2 earnings report exceeded expectations with a profit of $2.26 billion