Tesla Lost Millions In Crypto

February 01, 2023 Story: Divya Sinha

According to regulatory documents, in 2022, Tesla suffered a $204 million impairment loss on Bitcoin.

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A profit from Bitcoin trading countered the loss by $64 million, leaving the automaker with a net loss of $140 million.

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In the first quarter of 2021, Tesla invested an aggregate of $1.50 billion in Bitcoin.

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In March 2021, Tesla CEO Elon Musk announced that the company would begin accepting Bitcoin as payment for Tesla vehicles, driving up the price of the digital currency.

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Later, Musk and Tesla reversed course on that choice, citing worries about the amount of energy required for Bitcoin mining. After that, BTC price dropped.

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After selling 75% of its Bitcoin holdings, Tesla informed investors in Oct 2022 that it still had more than $218 million worth BTC.

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Over the last year, there has been a sharp decline in the value of crypto. At the press time, the BTC price is $23,091.

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