In one of its columns, a news magazine, The Telegraph reported that Tesla would soon make public, details of colossal losses accruing to the company within the threshold of $440 million. This information is expected to come in the next edition of the company’s periodic bulletin.
In one of its previous briefings made available in November 2021, Tesla had announced that it held massive investments in bitcoin to the tune of over 2 billion dollars. The company which has a significant brand in the production of electrically powered vehicles, took industry watchers by storm when it injected a whopping sum of 1.5 billion dollars into crypto trading. This immediately caused a hike in the price of digital commodities around the globe.
Tesla’s Steadiness in the Face of a Major Policy Change
In its bid to confirm the solvency of Bitcoin in the year 2021, Tesla went ahead to sell much of its equities in March of the same year and poured a large chunk of the proceeds into bitcoin purchases. From that time to date, not much has happened to decrease the quantity that it has – Not even the company’s decision in May 2022, to stop using the world’s foremost digital coin for its transactions has depleted its reserves.
In March 2022, Elon Musk’sTesla disclosed that its bitcoin assets had reached the $200 billion mark. Also recently, the price of BTC shot up to a little above $19,000.