Tesla's Bitcoin bet hasn't gone all that great.
In its earnings report for the second quarter of 2022,Dear Utol (2025): Chick! Episode 47 the company revealed it has sold three quarters of its Bitcoin holdings.
"As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet," says Tesla's latest shareholder deck.
Tesla invested roughly $1.5 billion in Bitcoin back in 2021. If selling 75% of that netted $936 million in cash, that means the company lost roughly $189 million on its Bitcoin bet (so far), which isn't even that bad given how low the price of Bitcoin went earlier this year.
This Tweet is currently unavailable. It might be loading or has been removed.
Shortly after its Bitcoin purchase, Tesla said it would start accepting bitcoins as payment for its cars. That lasted only a couple of months, though CEO Elon Musk did say Tesla would resume Bitcoin purchases when the cryptocurrency gets greener. Notably, Musk said at the time that "Tesla will not be selling any Bitcoin."
During the company's earnings call Wednesday, Musk said Tesla sold the bitcoins to "maximize [its] cash position," which was important to do "given the uncertainty of COVID lockdowns in China." He also said that the company's decision to sell Bitcoin should not be taken as "some verdict" on the cryptocurrency, and that Tesla remains open to buy Bitcoin again in the future.
There's good news for fans of Dogecoin, though, as Musk said on the earnings call that the company hasn't sold any of the DOGE it owns. Tesla started accepting the cryptocurrency for some of its merch in January 2022, and later expanded that to accept DOGE at some Supercharger stations. There's no telling how much Dogecoin Tesla owns, though. According to the shareholder deck, the company still has $218 million in "digital assets," though the bulk of that has to be Bitcoin.
Topics Bitcoin Cryptocurrency
What cracked the Milky Way's giant cosmic bone? Scientists think they know.
Why chilling statues of women have appeared in buses in South Korea
Trump just gave the most insane press conference about Charlottesville
Anyway, here are some 1
Diseases from mosquitos and ticks have tripled in the U.S., CDC finds
Internet vigilantes are naming and shaming the Charlottesville white supremacists
How to make money on Zoom and Facebook classes
Google lists Halloween 2020's most popular costumes
Best keyboard deals: Save on Asus gaming keyboards at Amazon
Google lists Halloween 2020's most popular costumes
TikTok wants me to host a dinner party. Is that an actual recession indicator?
'Little Mermaid' actress has something to say to those who have criticized an Asian
Twitter puts warning label on Trump's false election tweet
Amber Heard serves sweet, sweet revenge on politician who kicked her dogs out of Australia
Japan orders Google to stop alleged antitrust violations
Watch a great white shark jump out of the water and steal a fisherman's catch
DOJ wants the IP addresses of 1.3 million visitors to a Trump protest website
Biden/Harris campaign coming to Fortnite ahead of Election Day
The 10 Most Anticipated PC Games of 2017
Facebook closes dumb election loophole, but won't stop Trump's lies from spreading
FTC's 'Click to Cancel' ruling allows easier subscription cancellationBest space heater deal: Save up to 36% on Dyson, Vornado, Honeywell models, and moreBest Grubhub promo code: Prime members can save 20%Robot vacuums spew racial slurs at owners in wake of hackBest Kindle Scribe deal: Save $76 on Amazon Kindle Scribe and Premium PenBest gaming laptop deal: Save $221 on MSI Katana 15Android 15 new features: See the full list.Why is TikTok obsessed with the winter arc?The best robot vacuum deals to shop post Prime DayBest gaming laptop deal: Save over $100 on Logitech G915 TKLNHL livestream 2024: How to watch NHL for freeMoMA, Samsung team up to add modern artworks into the luxe Frame TVArkadium mini crossword answers for October 16Best Nespresso deal: Save $64 on the Nespresso VertuoBest Kindle Scribe deal: Save $76 on Amazon Kindle Scribe and Premium PenBest poseable skeleton deals: Spook up your space with poseable skeleton dealsWhere to preorder the new Apple iPad miniCanadiens vs. Penguins 2024 livestream: How to watch NHL for freeToday's Hurdle hints and answers for October 16Arkadium mini crossword answers for October 16 River of Fundament by Andy Battaglia I Hung Out at William Burroughs’s House When I Was Nineteen Curious Punishments by Sadie Stein Coming of Age by Sadie Stein A Downward Glissando by Clifford Chase Strawberry Fields by Sadie Stein Horace Walpole’s The Castle of Otranto Is One Weird Gothic Remembering Loehmann’s Last Call for Our Subscription Deal with McSweeney’s! A Chocolate Confession The Morning News Roundup for February 4, 2014 Beware Usen’t To by Dan Piepenbring The Morning News Roundup for February 14, 2014 The Morning Roundup for January 23, 2014 Lend Me an Ear by J. Mae Barizo The Morning News Roundup for February 7, 2014 T. S. Eliot’s Darker Side, A Poem by Maxine Kumin, and Other News On Russell Hoban’s “Turtle Diary” Sadie Stein on Disney’s 1935 Silly Symphony “The Cookie Carnival” Sadie Stein on Decorator Dorothy Draper
1.6762s , 10109.703125 kb
Copyright © 2025 Powered by 【Dear Utol (2025): Chick! Episode 47】,Prosperous Times Information Network