Tesla’s Elon Musk Loses Millions in Bitcoin

According to regulatory documents, Tesla suffered a $204million impairment loss on Bitcoin in 2022. A profit from Bitcoin trading offset the loss by $64million, leaving Tesla with a net loss $140 million. Musk and Tesla later reversed their decision, citing concerns about the energy required for Bitcoin mining. The BTC price fell after that. Tesla sold 75% of its Bitcoin holdings and informed investors in October 2022 that it still had $218 million worth of BTC. The BTC price at press time is $23,091. More crypto stories