Tesla sells off most of its Bitcoin holdings

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BANG Showbiz English

Tesla has sold off most of its Bitcoin holdings. Last year, the electric car manufacturer announced a major investment in the cryptocurrency, but the firm has now sold 75% of its Bitcoin, which was valued at around $2 billion (£1.7 billion) at the end of 2021. The value of the cryptocurrency has plummeted by more than half in 2022, and Tesla has bought traditional currency with the $936 million (£782 million) it made from its sales. In its second quarter earnings statement on Wednesday (20.07.22), the company said: “As of the end of Q2, we have converted approximately 75% of our Bitcoin purcha…

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