JVTech Tesla loses 140 million in 2022, but Elon Musk maintains his faith in it.
Published on 02/02/2023 at 20:20
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Tesla raised over 140 million dollars because of a specific investment, but Elon Musk's conviction appears to have remained constant.
Tesla incurred $140 million in capital.
Tesla CEO Elon Musk was enthralled by the prospect of the first cryptocurrency going to market. Back in 2012, the company had placed a lot of money aside from betting big on bitcoin.
Tesla had become a veritable whale almost overnight thanks to his 42,902 Bitcoins, and the wealthy's frequent tweets had contributed to the cryptocurrency boom.
In July 2022, Tesla's CEO had transferred 75% of Tesla's BTC position, or 936 million euros.
Despite bitcoin's depressing backdrop, the company raised $64 million in capital on the sale, indicating the CEO was hoarding bitcoin long before it reached $60,000.
Bitcoin's price sank once more to $15,500 in November only one crypto winter after that.
Bitcoin's final year in 2022 will be a tense affair.
Tesla maintained its remaining 10,000 Bitcoins despite this massive sale, and Elon Musk declared that he would purchase more in the future. Nevertheless, the economic volatility in the past few months has cost the automaker dearly.
The first cryptocurrency's price has had an enormous impact on Tesla's cash flow in recent years, including the depreciation of the second largest platform, FTX.
According to a recent letter to the SEC, Tesla lost $140 million on its bitcoin holdings in the year 2022. However, the CEO expects to earn more income from them in the future.
Despite his recent absence on bitcoin, Elon Musk is still surprising quiet. Following the many recent events, it is difficult to know who the billionaire is really putting his head down on the subject.
Elon Musk claims to have a firm belief in DOGE, his favorite cryptocurrency.
Tesla has big plans for the Shiba meme, and it has also been approved as a payment method for the Tesla merchandise store for almost a year.