Tesla Q2 Earnings shows They sold 75% of their Bitcoin
Tesla Q2 earnings shows that they sold 75% of Bitcoin. In the recent news that spread fast on social media, Tesla sold its Bitcoin in exchange for $936 million in cash. This news is the current topic as Tesla has been actively involved in cryptocurrencies, especially Bitcoin. Elon Musk, CEO of Tesla, has been known to promote the use of crypto.
Tesla and Bitcoin
In the first quarter of last year, Tesla decided to buy $1.5 billion of Bitcoin. They also started accepting payments in the form of Bitcoin. However, it did not last long as a few months later, they changed their regulations regarding this issue. They are no longer accepting Bitcoin as their payment. One of the reasons why the decision to stop the Bitcoin payment was the environmental issue in mining. They later added that once everything is settled, they would like to continue with the Bitcoin payment.
Selling 75% of Bitcoin
Many people were caught by surprise by the news of Tesla selling 75% of their Bitcoin. With their big movement on Bitcoin last year, the current news caught everyone’s attention. When asked about why Tesla sold 75% of its Bitcoin, CEO Elon Musk mentioned on Wednesday the condition of the Covid lockdown in China. The uncertain situation made the team make growth in the cash side of the balance sheet.
Elon Musk during Tesla’s earnings call explaining why Tesla sold their #bitcoin: pic.twitter.com/cqsWyYitGf
— Neil Jacobs (@NeilJacobs) July 20, 2022
This news added heavily to Crypto Winter that happened in the last few months. Bitcoin has been said to have lost half of its value during this hard time.
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