Tesla Sells 75% of Bitcoin Holdings

Tesla announced that they have sold 75% of their bitcoin holdings, which had been worth $2 billion at the end of 2021.

 But these bitcoins have lost 50% of their value as digital currency market plummeted. Tesla says they sold these bitcoins for $936 million back this time.

 Elon Musk is a champion of the cryptocurrency industry and his posts on social media had big impacts on digital currency markets.

 Tesla invested $1.5 billion in Bitcoin in February ’21, causing a surge of demand for the token, which accompanied a price spike in the digital currency market last year to nearly $70,000 a unit until it began to collapse in November. Now, one bitcoin is now worth less than $25,000.

 Tesla began accepting bitcoin payments last year, which led to a frenzy of mining activity in the digital currency market, and Musk told the public on social media that he would not sell bitcoin.

 The sale of bitcoin was also disclosed in Tesla’s most recent quarterly report, which showed that this loss on the sale of bitcoin hurt Tesla’s profitability badly.But the gains generated by Tesla’s car sales from March through the end of June hedged out the downside, including the downside from the city lockdown in Shanghai, China.

 It also promised a “record-breaking second half” of the year.

 Tesla said production at its factory in Communist China rose to a monthly record as Covid-19 restrictions were lifted.

 Musk also said the production increased at the company’s new factories in Germany and the United States.

 He previously called the sites in Berlin and Austin, Texas, “gigantic money machine”.Tesla shares have fallen nearly 40% this year.