Washington [US]July 21 (ANI): Elon Musk’s electric car company Tesla has offloaded 75 percent of its Bitcoin holdings.
According to TechCrunch, the company sold Bitcoin holdings for USD 963 million.
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Tesla says its remaining “digital assets” are worth USD 218 million.
In an earnings call, company executives said the reason for the sale was a desire to maximize cash positions during the uncertainty of China’s Covid lockdown.
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“We’re certainly open to increasing bitcoin holdings in the future. So this shouldn’t be taken as some judgment on bitcoin. It’s just that we were concerned about the company’s overall liquidity due to the Covid shutdown in China,” said Tesla CFO Zachary Kirkhorn.
The electric-car maker revealed in February 2021 that it had invested USD 1.5 billion in bitcoin and subsequently sold its 10 percent stake in April.
The company’s sale came after a sharp decline in cryptocurrency prices across the board, including both Bitcoin and Dogecoin. (ANI)
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