{"id":106136,"title":"Tesla’s Elon Musk lost $140m to Bitcoin in 2022","publisher":"Share Talk","author":"sharetalk","published":"2023-02-03T11:57:43+00:00","modified":"2023-02-03T12:58:14+00:00","canonical_url":"https://www.share-talk.com/teslas-elon-musk-lost-140m-to-bitcoin-in-2022/","markdown_url":"https://www.share-talk.com/teslas-elon-musk-lost-140m-to-bitcoin-in-2022.md","json_url":"https://www.share-talk.com/teslas-elon-musk-lost-140m-to-bitcoin-in-2022.json","category":"Automobiles, Parts & Engineering","categories":["Automobiles, Parts & Engineering","B2B","Fintech"],"tags":["automaker","Binance","Biz Stone","Bret Taylor","cars","china","company","COVID","Elon Musk","EVs","headquarters","Huangpu River","investment","Jack Dorsey","lockdown","media","Model 3","Model Y","Ned Segal","Parag Agrawal","Qatar","San Francisco","Saudi Arabia","shanghai","Share Talk","social","Tesla","Twitter","USA","Vijaya Gadde"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"According to filings, Tesla suffered a loss of $140m (£113.5m), on its Bitcoin investments in 2022.\n\nThe US regulator was told by the electric car manufacturer that it had lost $204m overall on Bitcoin, but it received $64m from trading.\n\nTesla invested $1.5bn in Bitcoin in early 2021. Elon Musk, the chief executive, stated that it would be accepted as payment.\n\nA few weeks later, it changed its mind and Tesla sold most of its Bitcoin holdings.\n\nIt currently holds $184m worth of Bitcoin.\n\nMusk is one of the most prominent advocates for cryptocurrency. His pronouncements on social networking often drive significant trading activity.\n\nThe February 2021 Bitcoin purchase by Tesla triggered a more than 25% increase in the price of the cryptocurrency to $48,000, a record at that time.\n\nIt rose again when Musk tweeted that Tesla would let customers make car purchases using Bitcoin. This allowed people in the US to place orders with the equivalent of a $100 Bitcoin deposit.\n\nHowever, the cryptocurrency plummeted by more than 10% just two months later when the firm rescinded this plan, citing concerns about climate change.\n\nAccording to the UK Treasury Bitcoin’s global energy consumption is approximately 39% of the UK’s, with some estimates putting it even higher.\n\nIts price rose to nearly $70,000 in November 2022, before plummeting by more than half when Tesla decided that it wanted to sell most of its holdings."}