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0 sats \ 0 replies \ @blocktock 26 Jul 2022 \ on: BREAKING: Tesla Reveals Its BTC Sale Profit bitcoin
Finances 💰
- The electric car maker Tesla has revealed that it still holds digital assets worth approximately USD 222m
- The company has posted a USD 64m gain on the sale.
- Last week it stated that it had sold 75% of the bitcoin it held on its balance sheet
- Tesla originally bought USD 1.5bn of bitcoin during the first quarter of 2021. The company then reduced its bitcoin holding by 10%, netting a USD 272m gain.
- Following that, Tesla has not made changes to its bitcoin holdings until the second quarter of this year, when it sold the above-stated 75% of its original bitcoin holding.
- According to the filing, the sale netted Tesla a total of USD 936m for the second quarter.
- The company also recorded an impairment of USD 170m on its remaining holdings.
🔮 Future
- Tesla reiterated in its most recent filing that it may increase or decrease its holdings of digital assets “at any time based on the needs of the business and our view of market and environmental conditions.”
- During the same call, CEO Elon Musk reassured the market that the sale had nothing to do with a loss of confidence in bitcoin, but said it came because the company wanted a stronger cash position. He added that Tesla is “certainly open” to increasing its bitcoin position again in the future.
💩
- Tesla executives have revealed that the company also holds some dogecoin (DOGE), although it never announced that it purchased the meme coin. The company does, however, accept DOGE as payment for some of its merchandise.