Tesla sells 75% of Bitcoin holdings, Musk says may increase holdings in the future

Tesla, the electric car manufacturer, released its Q2 2022 financial report on the 20th. According to the financial data, Tesla sold approximately 75% of its Bitcoin, resulting in a $936 million increase in cash on its balance sheet.

Tesla, the electric car manufacturer, released its Q2 2022 financial report on the 20th. According to the financial data revealed, Tesla sold approximately 75% of its Bitcoin holdings, increasing its balance sheet by $936 million in cash.

CEO Musk stated that the sale of Bitcoin was to demonstrate that Bitcoin liquidity can substitute cash holdings on the balance sheet, not due to the price trend of the cryptocurrency.

According to the financial report, as of the end of March, Tesla had digital assets worth $1.26 billion on its books, and after liquidation, the company now holds $218 million in digital assets.

Following the financial report release, Tesla's stock price rose $742.5, or 0.8%, on the 20th. Tesla's stock accelerated its rise after hours, with gains reaching about 5% at one point, but later turned downward.

It was expected that Tesla's profits would shrink, and the fact that Tesla was able to maintain profitability amid declining growth in Q2 is a significant achievement.

In addition, while facing challenges in production in Texas and Berlin, Musk likened the difficulties in Texas and Berlin to "the sound of money burning" in an interview in May. However, Tesla is confident in its strong performance in the second half of the year.

This article is authorized and reprinted from Horizon News Network