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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Elon Musk said that although “cryptocurrency is a sideshow,” he is willing to acquire more after Tesla sold off most of its bitcoin

Musk willing to acquire more after Tesla sold off most of its bitcoin
Musk willing to acquire more after Tesla sold off most of its bitcoin/ courtesy Musk willing to acquire more after Tesla sold off most of its bitcoin/ courtesy
Musk willing to acquire more after Tesla sold off most of its bitcoin
Musk willing to acquire more after Tesla sold off most of its bitcoin/ courtesy Musk willing to acquire more after Tesla sold off most of its bitcoin/ courtesy

Musk claims that China shutdowns are to blame for Tesla’s sale of 75% of its bitcoin holdings, but he points out that the business sold no dogecoin.

Elon Musk, the chief executive of Tesla Inc., said on Wednesday that management would be open to buying more in the future, referring to cryptocurrencies as “a sideshow to the sideshow.” Tesla Inc. sold the majority of its bitcoin, ostensibly at a loss.

In a second-quarter financial report released late on Wednesday, Tesla TSLA, +0.80 percent, revealed that it has liquidated three-quarters of its holdings in bitcoin BTCUSD, -2.04 percent. In a conference call, Musk explained that he wanted to optimize Tesla’s financial position since he was “uncertain” about when the COVID-related lockdowns in China would end.

Musk told investors on a conference call that, following Tesla’s results, “This should not be viewed as some judgment on bitcoin. We are open to growing our bitcoin holdings in the future.

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The firm did not sell any of its dogecoins, Musk stated, before adding, “It’s simply that we were concerned about overall liquidity of the company given shutdowns in China.”

According to MarketWatch sister magazine Barron’s, Tesla likely purchased around $1.5 billion worth of bitcoin at prices close to $38,000 per coin early in 2021 but soon sold 10% of that amount in a move management hailed as a demonstration of liquidity. However, back-of-the-envelope calculations on the $936 million worth of bitcoin sold in the second quarter indicate the corporation only received less than $29,000 for the coins.

According to Chief Financial Officer Zachary Kirkhorn, an impairment of more than $100 million was recorded in the quarter due to the fall in Tesla’s remaining bitcoin.

Tesla announced its entrance into the bitcoin craze in March 2021 by renaming Musk and Kirkhorn “Technoking” and “Master of Coin,” respectively. On the other hand, Musk seemed less thrilled as Tesla announced the sale of most of its bitcoin on Wednesday.

In the conference call on Wednesday, he added, “Cryptocurrency is a sideshow to the sideshow. “We do not often think about cryptocurrency,”

“Having the day of sustainable energy arrive sooner is Tesla’s basic aim and the reason we’re doing this, which is my main incentive here. That is the aim. In terms of cryptocurrencies, we’re nowhere,” he said.


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