Tesla has sold three-quarters of its bitcoin holdings for about $963 million, becoming the latest investor to bail after the cryptocurrency’s value went into freefall earlier this year.
Bitcoin has slumped by more than 50 percent in 2022, leaving many crypto believers in a financial hole. But your average amateur investor’s losses pale besides those of Elon Musk’s firm, which announced a massive $1.5 billion investment in the cryptocurrency in February 2021.
Tesla is thought to have sold each of its coins for approximately $29,000 earlier this year and prices have fallen further since. And in bad news for those investors who haven’t yet sold their own cryptocurrencies, the news of Tesla’s sale of $936 million’s worth of bitcoin caused its value to fall even further this week.
Musk also noted that Tesla didn’t sell any of its holding of Dogecoin, the bitcoin rival that started as a joke, but began to attract serious investment, and which can be used as payment by Tesla customers.to $16.93 billion in the second quarter of 2022, but profitability took a hit versus the previous quarter due to inflation and more competition for battery cells.
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