bet Elon Musk for bitcoin faced tesla. maker electric vehicles Net loss of 140 million dollars in the investment managed by the businessman registered in 2022 cryptocurrencies.
According to a filing with the United States Securities and Exchange Commission, impairment value from them digital assets caused the company to suffer a gross loss of $204 million. However, he managed to convert some of his investments into fiat money, such as dollars, and made a profit of 64 million.
In the first quarter of 2021, Musk decided to bet on Bitcoin, which was strong at the time. Tesla has invested $1.5 billion in the most trusted cryptocurrency and announced that it will begin accepting payments with this digital currency. United States of America. Shortly after, in May, the second richest man in the world changed his mind and assured that he would not accept Bitcoin payments until it was guaranteed that the process of producing these cryptocurrencies would be longer. sustainable and use about 50% clean energy.
Musk and Tesla are currently on trial for possible lawsuit stock fraud. The company’s investors accuse its principal of manipulating the market and the value of its shares with a series of tweets in which he assured him he would take Tesla private in 2018.
In this report, Tesla argues that instability and volatility The percentage of these assets may have “negatively affected our profitability”. After becoming popular as an investment mechanism in 2021, the cryptocurrency market experienced a dark 2022. A succession of business scandals, scams, and bankruptcies resulted in the loss of nearly $2 trillion from an industry in crisis. Bitcoin’s value has dropped more than 60%.
Tesla reportedly sold about 75% of its Bitcoin investments in the second quarter of 2022. It’s an operation that Musk carries out not only to try to stop the bleeding from the depreciation of his companies, but also to make money to buy it. twitter.
Still, Tesla closed a bright 2022. The firm has earned $12,556 million in the last 12 months, 167% more than in 2021, well above investor expectations.
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.