Tesla is fixing a $170 million charge related to the depreciation of its bitcoin.

Electric car maker Tesla said on Monday it had debited $170 million from its accounts to record a decline in the value of bitcoin in the first half of the year.

During the same period, a group led by Elon Musk made a profit of $64 million from the sale of bitcoins, the document detailed in a document sent to the US Stock Market Police (SEC). The company made a surprise in early 2021 by buying the equivalent of $1.5 billion worth of bitcoin.

Elon Musk is still confident in cryptocurrency

While reporting its results last week, Tesla has already announced it has sold 75% of its bitcoin in the second quarter, bringing back $936 million in cash. He also indicated that he fixed the fee associated with the virtual currency, but did not specify the amount. As of June 30, 2022, the market value of the company’s remaining bitcoin assets was $222 million.

During a phone call with Wall Street analysts last week to unveil Tesla’s quarterly results, Elon Musk made it clear that the recent bitcoin sales were not synonymous with distrust of the cryptocurrency. “We are open to the idea of ​​increasing our bitcoin holdings in the future,” the billionaire assured. “We were just worried about the company’s overall liquidity due to the closure in China, and we didn’t sell any of our Dogecoins,” the cranky leaker added.

SCE agenda in connection with the actions of Elon Musk on Twitter

Since its peak in November 2021, bitcoin has lost almost 70% of its value in a market wary of assets considered risky. Tesla also indicated in its stock market filing that it received a second subpoena from the SEC related to an agreement theoretically obliging it to have its posts directly related to Tesla’s activities be approved by a competent lawyer before posting them on social media. . This obligation was imposed by the SEC following a tweet published in 2018 in which Elon Musk claimed that he had the appropriate funding to remove Tesla from the stock market without providing evidence.

The SEC sent the first request in November 2021 and returned a second in mid-June, asking for information about the “governance processes designed to verify compliance” with the agreement.

SEE ALSO – Will Gafamas soon produce cars? “Tesla is an anomaly,” says Luke Julia.


Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.