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Home Crypto News

Elon Musk Tesla Reports $170 Million Loss in Failed Bitcoin Investment

Admin by Admin
October 25, 2022
in Crypto News
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Tesla's $140 Million Bitcoin Loss Shows the Risk of Crypto Holdings
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Tesla reported that it suffered a $170 million impairment loss on its investment in Bitcoin during the first 9 months of this year.

The report also stated that Tesla gained roughly $64 million by converting some of the Bitcoin that it owned into fiat money.

The electric car company offloaded $936 million in Bitcoin during Q2 2022, something Musk reportedly ordered in an attempt to gain back cash due to pandemic-related profit and revenue losses in Tesla’s China market. Tesla originally invested $1.5 billion into BTC in January 2021.

Tesla still holds about $2.18 million in BTC per the company’s Q3 2022 earnings report. Bitcoin is down just under 68% in one year and a 72% drop from its all-time high of $68,789.63 in November of last year, per most recent data on Monday.

Still, Tesla is coming off of a strong third quarter despite BTC losses, clocking in a net income of $3.33 billion, over double the amount at the same time last year.

 

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