Elon Musk Reveals Why Tesla Dumped $936,000,000 in Bitcoin (BTC) in the Second Quarter

Elon Musk Reveals Why Tesla Dumped $936,000,000 in Bitcoin (BTC) in the Second Quarter


Tesla CEO Elon Musk is opening the lid on why the electric car maker disposed of a large chunk of its Bitcoin (BTC) holdings.

In a second-quarter earnings call, Musk says Tesla sold a big portion of its Bitcoin in order to raise cash amid uncertainty in one of the electric carmaker’s major markets and manufacturing hub.

“It should be mentioned that the reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid-19 lockdowns in China would alleviate. So it was important for us to maximize our cash position, given the uncertainty of the Covid-19 lockdowns in China.”

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Tesla sold three-quarters of its Bitcoin holdings raising nearly $1 billion during the quarter that ended on June

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