Tesla announced that it will be 75% of all its reserves in Bitcoin. The automaker bought them early last year, when the cryptocurrency was priced significantly higher than it is today.
At the time, Tesla had also timidly — and briefly — started accepting Bitcoin as a payment method to buy cars in the US. The experiment lasted only a few months.
v.by selling 75% of Bitcoins bought last year, Tesla put about $936 million in new liquidity into its treasury. The investment — at least in these ways and timing — didn’t turn out to be particularly successful: at the time of purchase, those Bitcoins were worth $1.5 billion.
Tesla added that the Bitcoins still in reserve today are worth about $218 million. “I want to see Bitcoin succeed,” Elon Musk said last year. “Maybe Pump but I sure don’t to dump, I certainly don’t believe in raising prices and then selling or anything like that ». And indeed, the automaker has sold the cryptocurrency at low prices. You certainly can’t blame him pump and dump.
Communicating the decision, Tesla executives eloquently said that the choice to sell Bitcoins — now and at this price — was not postponeable. It wasn’t even a real choice in some ways. Tesla needed liquidity. in dollars. And he needed it now.
Yesterday, Tesla also spoke more broadly about the financial performance of just last quarter. The balance is good, still positive, the data on the number of cars produced and delivered less good. We’ve talked about it here.
Source: Lega Nerd
