In a recent 10-K filing, which is used to report a public company’s financial performance, Tesla disclosed a loss of $101 million. Bitcoin (BTC) investment. The report said that the electric vehicle company had invested $ 1.5 billion in the first quarter of 2021.
Tesla noted in a filing with the US Securities and Exchange Commission (SEC) that the price of bitcoin fell below the price of the company’s purchase price, as the entire crypto market plunged. In addition, there was a profit of $128 million in bitcoin for selling some merchandise to Elon Musk’s company.
“We believe in the long-term potential of digital assets as an investment and as a liquid alternative to cash. As with any investment and how we manage fiat-based cash and cash equivalent accounts, we may increase or decrease its holdings of digital assets at any time depending on the needs of the business and our view of the market and environmental conditions,” the filing said.
first loss not loss
In July, Tesla reported a loss of $23 million for the second quarter of 2021. According to CNBC, the initial $1.5 billion investment in February last year “exceeded its entire quarterly research and development budget” and soon increased to $2.48 billion. of bitcoin price.
In addition, the company reported operating income of $2 billion, which came in from a $51 million loss in last year’s third quarter. It was Tesla’s “best” result to date.
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