Tesla sold a significant chunk of its stake in Bitcoin, an investment that helped legitimize the world’s largest electronic currency.
Tesla Inc. sold a significant chunk of its stake in Bitcoin at a loss, an investment that helped legitimize the world’s largest electronic currency.
The electric-car manufacturer disclosed in February 2021 that it had invested US$1.5 billion in Bitcoin, and subsequently sold 10 per cent of its stake that April. Tesla said Wednesday its digital assets have shrunk to US$218 million, and that a Bitcoin impairment hurt second-quarter profitability. Tesla Chief Executive Officer Elon Musk has become a huge influencer in cryptocurrency. He has tweeted favorably about Dogecoin as an alternative and posted photos of his dog Floki, which like the Dogecoin mascot is a Shiba Inu. When Tesla held a massive party for its new Austin factory in April, a drone show featured a Dogecoin image.
Still, Musk has positioned himself as pro-crypto, hinting in recent weeks that his other company, SpaceX, may join Tesla in accepting Dogecoin for merchandise purchases in future.
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