Elon Musk’s Tesla Sells Most of its Bitcoin Holdings
Barely a year after Tesla announced a major investment in Bitcoin, the company has now sold off most of its holdings of the cryptocurrency.
At the end of 2021, Tesla offloaded 75% of its Bitcoin, which was worth about $2bn (£1.7bn) at the time.
This saw the electric car company backing away as the value of the cryptocurrency has plunged, falling by more than 50% this year.
Tesla said it bought traditional currency with the $936m (£782m) from its Bitcoin sales.
Tesla boss Elon Musk has been among the most high profile champions of cryptocurrency, with his pronouncements on social media often driving significant trading activity.
Tesla’s $1.5bn investment in Bitcoin, revealed in February 2021, prompted a surge of demand in the currency.
It would be recalled that the price of the notoriously volatile cryptocurrency soared last year to almost $70,000 in November before crashing.