The Company Tesla still holds a large amount of Bitcoin $2.18M.
Tesla has released documents to show that its Bitcoin holdings have not changed since the second quarter of 2022, ahead of its third-quarter investor relations call.
Tesla released a report to the public on Wednesday, which states that the company Tesla still holds a large amount of Bitcoin $2.18M.
In July, Tesla sold 75% of its Bitcoin (around $936 million at the time) and continued to hold $222 million in “digital assets” as of June’s end.
“Elon Musk, said COVID lockdowns in China had been a concern, so to free up the cash the company sold its Bitcoin.”
“It was important for us to have as much cash on hand as possible given the uncertainties of COVID in China,” he added.
While Tesla has experienced major financial success from its recent sale, it still holds a significant amount of Bitcoin. This is generally unheard of for publicly traded companies, which typically avoid cryptocurrency altogether.
Though the decision to buy Twitter and the subsequent legal battle over backing out of the deal did not factor into the decision at first, and nor does it seem to have changed their stance on crypto, Musk’s plan to buy Twitter did not factor into the decision at first.
In September, leaked discussions showed the world’s richest man (Elon Musk) and various entrepreneurs from prestigious tech firms including Elon’s favorite, Block Inc., and Sam Bankman-Fried, discussing the potential future of popular social media platforms. One idea floated included adding a payment option using Musk’s favorite cryptocurrency, Dogecoin.
This new idea, Musk said, was to have users pay a small fee of 0.1 Doge to register messages on-chain. This would cut down on most of the spam and bots that plague posts and reposts by requiring only 0.1 Doge to post or comment.