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Tesla has sold 75% of its Bitcoin holdings, earning $936M

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Tesla July 20 disclosed that he sold 75% of his bitcoin (BTC) holdings in the second quarter of 2022.

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According to a shareholder in the electric car maker, his bitcoin trading generated $936 million on his balance sheet.

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Reports predicted that Tesla’s bitcoin holding would record an impairment loss of over $400 million due to the record crash of the crypto industry.

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Bitcoin lost about 58% of its value in the second quarter, the biggest loss in over a decade.

Meanwhile, the company said its total revenue rose 42% year-on-year in the second quarter to $16.9 billion.

Tesla’s operating profit also improved year-over-year to $2.5 billion, but the company added that revenue was impacted by bitcoin’s depreciation and other reasons.

Elon Musk’s company bought $1.5 billion worth of bitcoin in 2021 when the asset was trading in a range of around $30,000.

The company later sold 10% of its assets in the first quarter of 2021. Since then, she has not bought or sold her assets until the second quarter of 2022.

The electric car maker also briefly accepted payments for its vehicle in the flagship digital asset before abruptly halting the scheme due to environmental concerns.

Tesla shares reportedly Rose more than 4% during non-working hours.

According to data from Cryptooshala, the price of bitcoin reacted negatively to news of a fall of more than 2% in 1 hour to $23,205.





Credit : cryptoslate.com

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