Giant e-car manufacturer company Tesla, which was holding $2 billion worth of Bitcoin since Feb 2022, is expected to lose huge money in the last 8-9 months.
Tesla is an electric car manufacturing company. In Feb 2021, Tesla purchased $1.5 billion worth of Bitcoin. It was the first-ever biggest Bitcoin investment in the crypto market, where a direct-to-customer service provider company showed such a high level of interest in Bitcoin.
Due to Tesla’s investment in Bitcoin, Bitcoin prices surged significantly. In July 2021, the company started to accept payments in Bitcoin to sell its e-car but later suspended Bitcoin payment options. Tesla CEO Elon Musk said that Bitcoin was not a better option to use in the payment options but admitted that Bitcoin is the best store of value.
According to the report of Thetelegraph, at the current Bitcoin price, Tesla has less than $2 billion worth of Bitcoins. And this company lost around $440 million from November 2021 to date.
In the incoming earning call report filing, Tesla will report its exact holding and exact loss. Few people claimed that Tesla may have sold some more Bitcoin holdings in the last few months, but here it will be too early to comment. In March, the company sold some of its holdings and that resulted in a significant correction in the price of Bitcoin. At that time Tesla’s CEO was badly criticized by the crypto industry.
Inflation, Bitcoin & Elon Musk
In early 2022, when the inflation topic was at a trending level, then Elon Musk took to Twitter and talked about inflation & rising issues. Later discussion touched the topic of Bitcoin and cryptocurrencies, then Elon said that he will hold his crypto holdings strongly.