Tesla sold its bitcoins for a shocking amount

Tesla sold its bitcoins for a shocking amount

Elon Musk explains why he decided to sell Tesla's bitcoins for a shocking amount. Keep reading and discover why Tesla sold its bitcoins, you won't believe it!

Elon Musk explains why he decided to sell Tesla's bitcoins for a shocking amount. Keep reading and discover why Tesla sold its bitcoins, you won't believe it!

Tesla sold $272 million worth of bitcoin - 10% of its assets in this cryptocurrency - at the end of March, with a profit of $101 million. This contributed to the company's record one-quarter net income of $ 438 million. The previous record was $331 million in the third quarter of 2020.

Tesla sold $272 million worth of bitcoin

In total, the company's income for this period reached $10,390 million, 74% more than the previous year, according to the company's report in the first quarter of 2021. This is equivalent to a profit of 93 cents per share. In early February 2021, news that Tesla invested $ 1.5 billion in bitcoin shook the financial world. Once this information was released, the price of the cryptocurrency grew by 21.34%.

The company's income for this period reached $10,390 million

Elon Musk's company explained that such a move was driven by updates in its investment policy, and anticipated that in the future it could invest more resources in this cryptocurrency if it continues on the right track.

The company's operations with cryptocurrency, in turn, interested many participants in the crypto community. Dave Portnoy, the well-known trader and founder of the digital media company Barstool Sports, accused Musk of deliberately inflating the value of bitcoin and then selling it at its peak.

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