22 Jul 2022 , 01:09 PM
Tesla Inc. revealed in its earnings for the three months ending in June 2022 that it has reduced its Bitcoin holding by one-fourth.
Elon Musk's company shocked the cryptocurrency community by revealing that it had converted nearly 75% of its Bitcoin holding into fiat money, adding $963 million to its balance sheet.
However, the large automaker had declared in February 2021 that it had invested around $1.5 billion in Bitcoin, but just two months later, in April, it lost 10% of its position.
75% of Tesla's Bitcoin holdings are sold.
Tesla Inc. revealed in its earnings for the three months ending in June 2022 that it has reduced its Bitcoin holding by one-fourth.
Elon Musk's company shocked the cryptocurrency community by revealing that it had converted nearly 75% of its Bitcoin holding into fiat money, adding $963 million to its balance sheet.
However, the large automaker had declared in February 2021 that it had invested around $1.5 billion in Bitcoin, but just two months later, in April, it lost 10% of its position.
Tesla also stated that the loss from the Bitcoin impairment in the second quarter had caused its cryptocurrency holding to fall to $218 million. The announcement affected the price of cryptocurrencies.
Tesla also stated that the loss from the Bitcoin impairment in the second quarter had caused its cryptocurrency holding to fall to $218 million. The announcement affected the cryptocurrency market, which experienced strong profit-taking following the most recent surge.
Elon Musk, the CEO of Tesla, stated on the earnings conference call that the business sold Bitcoin to maximize its cash because of uncertainty around Covid. The sale shouldn't be interpreted as "a decision on Bitcoin," he continued.
The number one cryptocurrency asset, which was trading at $24,200 on Wednesday, fell more than 6% to levels of $22,700 on Thursday, despite the mercurial technocrat's explanation.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.