By selling its Bitcoin, Tesla was able to bolster its cash reserves and lessen the blow from lockdown-affected factories in China.
Has Elon Musk sold Crypto?
By selling its Bitcoin, Tesla was able to bolster its cash reserves and lessen the blow from lockdown-affected factories in China.
Did Tesla sell their crypto?
The value of its digital assets remained at $218 million, the same as they were at the end of the second quarter, when Tesla surprised some investors by selling $936 million worth of bitcoin, or approximately 75% of its total holdings, in order to raise cash.
Who bought Elon Musk cryptocurrency?
Why did Tesla sell 75% of its Bitcoins?
Tesla’s Chief Executive Officer Elon Musk said on the earnings conference call that the company sold the Bitcoin to maximize its cash because of Covid related uncertainty.
