Tesla sold 75% of its bitcoins
By the end of the second quarter of 2022, electric car maker Tesla had converted about 75% of its own bitcoins into cash, bringing it $936 million, according to a company report.
Tesla CEO Elon Musk told a conference call that the sale of the cryptocurrency was due to the need for increased liquidity at a time of anti-Kyoto restrictions in China.
At the same time, the company has not sold “any” Dogecoin, the businessman noted. Previously, he said he would continue to support Dogecoin despite the market correction.
Musk also stressed that Tesla is open to future investments in bitcoin.
The company’s total quarterly profit was $16.93 billion.
According to Yahoo Finance, Tesla stock (TSLA) is trading at $742 as of this writing. The price of bitcoin has fallen to below $22,900.
Recall that last February it became known that Tesla invested $1.5 billion in bitcoin. Elon Musk himself called these investments “quite risky”.
Already in April 2021, Tesla sold some assets in the first cryptocurrency for $272 million.