Elon Musk’s Tesla Offloads N580.3 Billion Worth of Bitcoin in Q2

 Tesla, the electric car manufacturing company said it sold about $930 million worth of bitcoin in the second quarter of 2022 According to the CEO of the company, Elon Musk, the company offloaded most of its bitcoin to maxmise profits The price of bitcoin dropped by about 1.7 per cent after the news emerged but went back up after Elon Musk made earnings call concerning Tesla Read more: Elon Musk-owned electric car maker, Tesla offloaded about N380.230 billion worth of bitcoin in the second quarter of 2022, according to Coin Desk. According to Tesla CEO, Elon Musk, the company sold most of its bitcoin to maximise its cash position due to the uncertainty of the COVID-19 lockdown in China. 

Musk added that the company is open to increasing its bitcoin orientation in the future and said that this should not be seen as a ruing on bitcoin. He said the company has sold any dogecoin. 

 Elon Musk’s Tesla Offloads N580.3 Billion Worth of Bitcoin in Q2 Thursday, July 21, 2022 at 5:55 PM by Pascal Oparada Tesla, the electric car manufacturing company said it sold about $930 million worth of bitcoin in the second quarter of 2022 According to the CEO of the company, Elon Musk, the company offloaded most of its bitcoin to maxmise profits The price of bitcoin dropped by about 1.7 per cent after the news emerged but went back up after Elon Musk made earnings call concerning Tesla PAY 

Elon musk owned electric

car maker, Tesla offloaded about N380.230 billion worth of bitcoin in the second quarter of 2022, according to Coin Desk. According to Tesla CEO, Elon Musk, the company sold most of its bitcoin to maximise its cash position due to the uncertainty of the COVID-19 lockdown in China. Tesla sold 75 per cent of its bitcoin holdings Credit: Justin Sullivan / Staff Source: Getty Images Tesla having supply chain problems Musk added that the company is open to increasing its bitcoin orientation in the future and said that this should not be seen as a ruing on bitcoin. He said the company has sold any dogecoin. 

Bitcoin price has fallen very sharply to about 1.7 per cent to trade at $23,300 after Tesla released the earnings report but went up again to its previous level after Musk announced the earnings. The company ended the second quarter with about $218 million in bitcoin which is a drop from $1.26 billion in the three previous quarters, saying it realised a gain on the sale of its bitcoin holdings. 

Tesla held about 42,000 bitcoin as it went into the quarter, meaning it has sold off about 75 per cent of that amount for $936 million, meaning it sold the bitcoin at about $29,000 per bitcoin.