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Tesla has lost $140 million on Bitcoin investment since 2021

The terrible year 2022 for bitcoins caused losses for Elon Musk’s company. | Fountain: Photo by Kanchanar on Unsplash

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Due to a chaotic 2022 in the market cryptocurrencies, Teslacar company Elon Musk lost $140 million to buy bitcoins.

According to reports filed with the Securities and Exchange Commission, the company claims to have lost almost 10% of its cryptocurrency investments over the past year.

numbers in red

When the company announced that it had bought bitcoins, the virtual currency was valued at $45,000. Today it costs $23,000.

General, Tesla says it actually recorded 204 million “impairment losses” in bitcoins last year, although he managed to recover about $64 million by exchanging it for “real money”.

A few months after the disclosure of the initial crypto investment Tesla, Musk announced that his company will start accepting payments for cars in bitcoins. At the time, Musk told customers interested in getting Tesla With cryptocurrencies What ” bitcoins given Tesla will be stored as bitcoins” and will not be converted to fiat currency. It is not clear bitcoins What Tesla some paying customers have recently started to turn on.

However, after a few months they stopped taking bitcoins because the cryptocurrency It heavily polluted the entire planet.

” cryptocurrency It’s a good idea on many levels and we think it has a great future, but it can’t cost the environment dearly,” Musk tweeted.

Investment in crude oil

Company on behalf of the CEO Elon Musk bought cryptocurrency worth $1.5 billion in 2021.

Last year, after the second quarter earnings reports, Tesla claimed to have converted 75% of its assets bitcoins in dollars, which eventually allowed the company to receive an additional 936 million in cash.

Prices bitcoin reached an all-time high in 2021 when Tesla announced its huge investment. On the contrary, prices for bitcoin they suddenly collapsed by 15% immediately after Musk canceled purchases in this currency.

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Source: RPP

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