Science

Tesla records $170 million in costs related to the depreciation of its bitcoin.

Publishing its results last week, Tesla has already announced it has sold 75% of its bitcoin in the second quarter, allowing it to reclaim $936 million in cash. (Photo: 123RF)

New York. Electric car maker Tesla said on Monday that $170 million had been withdrawn from its accounts to record a decline in the value of bitcoin in the first half of the year.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, according to a document sent to the US Stock Market Police (SEC).

At the beginning of 2021, the company made a surprise by buying the equivalent of $1.5 billion in bitcoin.

Publishing its results last week, Tesla has already announced it has sold 75% of its bitcoin in the second quarter, allowing it to reclaim $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, Musk made it clear that the recent bitcoin sales did not signal 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 overall liquidity of the company due to the closure in China, and we didn’t sell any of our Dogecoin[another cryptocurrency that Mr. Musk appreciated, approx. ed.],” the cranky leader added.

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 Mr. Musk assured that he had the appropriate funding to take Tesla off the stock exchange without providing evidence.

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

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