Il report trimestrale from Tesla explains that the company has sold 75% of its capital in Bitcoinentering $ 936 million in cash in the corporate balance sheet. After accepting Bitcoin payments last year for just 49 days, this looks like another reverse from the electric car maker.
Tesla sold 75% of Bitcoins
Tesla’s report for the second quarter shows how the company is trying to manage inflation and supply problems. But also the decline in cryptocurrencies. In fact, the company had bought last year 1.5 billion dollars in Bitcoin. Last March he announced the possibility of buying Tesla with cryptocurrency, and then changed his mind in May after less than 50 days.
Tesla had reported that he had sold some of his Bitcoins, but if in the last report they were still 1.2 billion dollars, today they are barely worth $ 218 million. SWell, last June Tesla CEO Elon Musk said that: “I can pump, but I won’t give up. I don’t believe in raising the price and then selling or anything like that. I would like to see Bitcoin succeed ”.
Speaking with investors, Musk explains however that the sale of crypto assets “it should not be seen as a verdict on Bitcoins ”. Instead Tesla sold because “worried about the general liquidity of the company given the lockdowns in China for COVID”. Also, Musk explains that he hasn’t sold any Dogecoins.
Tesla then sold because he needed cash, not because he doesn’t believe in cryptocurrency. Although the market seems likely judge this news negatively and make Bitcoin lose value (as it seems in these first opening hours).
Tesla however announced $ 2.26 billion in profits this quarter, 31% less than last month. But better than last year, when profits were $ 1.1 billion. But news such as the collaboration with Hertz of June and the possibility that other vehicles may use the Supercharger they could raise their revenues by the end of the year.