Tesla’s Elon Musk lost $140m to Bitcoin in 2022

According to filings, Tesla suffered a loss of $140m (£113.5m), on its Bitcoin investments in 2022.

The US regulator was told by the electric car manufacturer that it had lost $204m overall on Bitcoin, but it received $64m from trading.

Tesla invested $1.5bn in Bitcoin in early 2021. Elon Musk, the chief executive, stated that it would be accepted as payment.

A few weeks later, it changed its mind and Tesla sold most of its Bitcoin holdings.

It currently holds $184m worth of Bitcoin.

Musk is one of the most prominent advocates for cryptocurrency. His pronouncements on social networking often drive significant trading activity.

The 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.

It 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.

However, the cryptocurrency plummeted by more than 10% just two months later when the firm rescinded this plan, citing concerns about climate change.

According to the UK Treasury Bitcoin’s global energy consumption is approximately 39% of the UK’s, with some estimates putting it even higher.

Its 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.

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.