Tesla sold 75% of Bitcoin for nearly $1,000,000,000 - this is to boost the company's liquidity

Tesla has decided to sell three-quarters of its Bitcoin holdings during the second quarter of 2022.

What we know

Based on report the U.S. electric car maker converted 75% of its Bitcoin into fiat currency between April and June 2022. The cryptocurrency sale brought the company Tesla $936,000,000.

Elon Musk has already commented on the sale of digital assets. According to him, getting rid of Bitcoin was caused by the company's desire to increase liquidity amid COVID-restrictions in China. At the same time, the billionaire noted that Tesla has not yet sold a single Dogecoin. The head of Tesla does not exclude that the company will continue to invest in Bitcoin in the future.

Note that shares of TSLA, according to Yahoo Finance, are now trading at $742.5. Total Tesla earnings for three months were almost $17,000,000,000. Meanwhile, the price of Bitcoin is about $23,000.

Source: The Guardian