Tesla Sells 75% of its Bitcoins
AP Photo/Christophe Ena
US electric car maker Tesla had converted about 75% of the Bitcoins it holds into cash by the end of the second quarter, which has netted the company $936 million, according to a company report.
Elon Musk, the company’s CEO, has said Tesla has made the decision to sell the cryptocurrency due to the need to increase liquidity during the period of anti-COVID restrictions in China.
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The company has not sold «a single» Dogecoin. Musk has previously said he will continue to support Dogecoin despite the market correction.
Musk has also noted Tesla is open to future investments in Bitcoin.
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The company’s total quarterly profit stands at $16.93 billion.