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Tesla sold $936M in Bitcoin and kept Dogecoin reserves.

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Description:

According to Elon Musk, Tesla has not yet sold any of its Dogecoin holdings.

Short News:
Crypto icon Elon Musk. Musk was known as the “Dogefather” for a few months last year because of his affiliation with dogecoin, but Tesla is also a major bitcoin investor. Or so.

“Almost 75 percent of the Bitcoin we own has been turned into fiat currency. During the second quarter, we made $936 million in cash from conversions “In its most recent financial report, Tesla noted.

Sub:
“Musk cited China’s COVID lockdowns.”

Musk later claimed the sell-off was because of COVID lockdowns in China, the world’s largest car market and where many Teslas are made.

Tesla would have been cash flow negative without the $936 million bitcoin transaction, according to Wednesday’s earnings release.

Tesla’s $1.5 billion bitcoin acquisition, announced in a 2021 SEC filing, boosted bitcoin’s price from $20,000 in December 2020 to $60,000 in March 2021.

Tesla’s bitcoin holdings once topped $2 billion. Tesla bought bitcoin to “diversify and maximize cash returns,” according to a 2021 SEC filing.

Musk’s tweets boosted dogecoin’s price and market cap in May. Tesla owns $218 million in digital assets, but not dogecoin. Tesla’s last bitcoin.

Musk has praised and slammed bitcoin and crypto. “Bitcoin is fake like fiat money. Almost February When fiat currency has a negative real interest, a fool won’t switch.”

Musk reneged on his promise that Tesla would take bitcoin for its electric cars, citing environmental worries over the quantity of fossil fuel-fired energy needed.

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