Updated · Aug 15, 2022
Tesla Sells Most of Its Bitcoin Holdings
Updated · Jul 21, 2022
Yesterday, Tesla announced it’s selling 75% of its Bitcoin, which was worth $2 billion at the end of 2021.
Musk Promise Broken
Tesla made a major investment in Bitcoin last year. It is, however, now selling most of its holdings. The electric car company used it to buy traditional currency, getting roughly $936 million. It announced the move in its regular quarterly update.
The sale comes as the value of cryptocurrency continues to plunge, falling by over 50% since the start of 2021.
Following the announcement from Tesla, the price of Bitcoin fell even further but has since recovered.
Tesla boss Elon Musk has been one of the high-profile champions of cryptocurrency, with his tweets often driving the trading activity. Last year, he took to Twitter to outline Tesla's position on the digital currency.
"Tesla will not be selling any Bitcoin," he said.
The broken promise is more bad news for cryptocurrency enthusiasts, showing that even the biggest advocates are pulling out.
Musk said that the move wasn’t his reflection on Bitcoin and was more about the need for cash. However, he also referred to crypto as a "sideshow to the sideshow."
Despite losing money on crypto, the automaker promised a "record-breaking second half" of the year.
Dejan is a techie at heart who always dreamed of turning his fascination with gaming into a career. He finds working for TechJury a perfect opportunity to express his views of all kinds of different software. Being an avid reader, particularly of fantasy and sci-fi, Dejan pursued a degree in English Language and Literature. When not at his computer, he’s watching sports or playing tabletop games.
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