Tesla accountable for $1 Billion Crypto Liquidation?

Tesla, one of the biggest automobile manufacturers in the world, lately revealed its Q2 earnings statement. In the report, the company remarked that it had sold 75% of its Bitcoin (BTC) holdings, and the sale amounted to roughly $936 million. Regardless, the company revealed in its SEC filing that it owned digital assets, or crypto, worth $222 million as of the 30th of June.

tesla-bitcoin

Most digital properties were possible Bitcoin, as Tesla was the 2nd biggest currency owner. However, CEO Elon Musk did verify on Twitter that he had not traded any of the firm’s Dogecoin (DOGE) holdings.

Also read, Elon Musk faces $258 Billion lawsuit for supporting DOGE

Further, Tesla admitted $170M in harm failures for the six-month duration that lapsed on June 30, 2022, as a consequence of instabilities in the carrying significance of its cryptocurrency possession. The corporation made an addition of $64 million for the same. Tesla made an increase of $128 million on their digital property modifications during the six months, which concluded on June 30th, 2021.

The SEC filing reveals the fact that Tesla auctioned its Bitcoin (BTC) or other crypto holdings sometime before the 30th of June.

This would direct to the premise that the corporation traded its BTC possession before or during the market wreckage. If this scenario turns out to be true, then Tesla could be held accountable for liquidating nearly $1 billion from the crypto market. Although, there is no authorization on when Tesla executed their crypto deals.


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