March 19, 2024

Unrecorded loss of Tesla from investment in bitcoin amounted to $140 million

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Unrecorded loss of Tesla from investment in bitcoin amounted to $140 million

In a report to the U.S. Securities and Exchange Commission (SEC), representatives of the car giant Tesla said that over the past year, the company's loss due to investments in bitcoin amounted to $204 million.

However, the company sold off part of the stock of the first cryptocurrency and raised $64 million, so the unrecorded loss was $140 million.

Tesla invested $1.5 billion in bitcoin in February 2021.At that time, the BTC rate was $46,000 , and by November 2021, bitcoin reached a record price of $69,000 . 

However, soon after, the cryptocurrency market began to fall, and now Tesla's position in bitcoin is unprofitable.However, 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 can increase or decrease our holdings of digital assets at any time, depending on thebusiness needs and our view of market and environmental conditions," explainthe authors of the Tesla report.

The document refers only to investments in bitcoin.At the same time, Tesla itself acceptsDogecoin cryptocurrency is payable.

Recall that Tesla CEO Elon Musk bought out the social network Twitter, valued at $44 billion, at the end of October 2022.