Elon Musk’s Tesla lost $140 million in bitcoins in 2022
In 2022, Elon Musk’s Tesla company suffered losses of $140 million from its investments in bitcoins. This is reported by the BBC.
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Losses of the company
The electric car manufacturer informed the US regulator that it lost $204 million in bitcoins, but was able to recover $64 million due to trading.
In early 2021, Tesla invested $1.5 billion in bitcoins. A few weeks later, the rate changed, and the company has since sold most of its bitcoin holdings. Currently, they amount to about $184 million.
Tesla’s purchase of bitcoin in February 2021 sent the cryptocurrency up more than 25% to $48,000, a record high at the time.
Read also: Tesla investors and bitcoin: who lost more
Bitcoin rose again in March 2021, when Musk tweeted that Tesla would allow customers to buy cars with this cryptocurrency. But two months later, the cryptocurrency fell by more than 10% when the company abandoned this plan, citing concerns about climate change.
The price of Bitcoin soared to almost $70,000 in November 2022, and then fell by more than 50% when Tesla decided to offload most of its assets.
Source: Ministry of Finance
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