Tesla has dumped 75% of its bitcoin holdings a year after touting ‘long-term potential’
Early last year, Tesla invested $1.5 billion in bitcoin, banking on what the electric car maker called the digital currency’s “long-term potential.”
The company has already sold three-quarters of its holdings.
The company said those sales added $936 million in cash to its balance sheet.
It’s a rapid retreat for Tesla and CEO Elon Musk, who was a heavy crypto booster during last year’s runup, frequently tweeting about various digital currencies.
Early last year, Tesla invested $1.5 billion in bitcoin, banking on what the electric car maker called the digital currency’s “long-term potential.”
The company has already sold three-quarters of its holdings.
The company said those sales added $936 million in cash to its balance sheet.
It’s a rapid retreat for Tesla and CEO Elon Musk, who was a heavy crypto booster during last year’s runup, frequently tweeting about various digital currencies.
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