However, the company sold off part of the stock of the first cryptocurrency and bailed out $64 million, so the unrecorded loss was $140 million.
Tesla Invested $1.5 Billion in Bitcoin in February 2021. Then the BTC rate was $46,000, and by November 2021, Bitcoin reached a record price of $69,000.
However, shortly after, the cryptocurrency market began to fall, and now Tesla's position in bitcoins is unprofitable.. True, the company sold 75% of its bitcoins last July and owned $218 million worth of BTC as of October 2022.
“As with any other investment, we may increase or decrease our holdings of digital assets at any time, depending on the needs of the business and our view of market and environmental conditions,” explain the authors of the Tesla report.
The document only talks about investing in bitcoin. At the same time, Tesla itself accepts Dogecoin cryptocurrency for payment.
Recall that Tesla CEO Elon Musk bought the $44 billion social network Twitter at the end of October 2022.