Elon Musk's Tesla loses massive amount after bitcoin fall

Tesla bought $1.5 billion in bitcoin in 2021, shortly after they started accepting crypto as a payment

This was part of an effort to move a portion of their cash reserves into the world’s number one cryptocurrency. 

However, a few days later, Tesla took a step back with crypto by removing the Bitcoin payment option.

Tesla gave "energy needs for bitcoin network" a reason for closing the bitcoin as a payment option 

Due to higher bitcoin prices, a year after an investment, few months ago Tesla's bitcoin investment was around $2 billion.

Recently bitcoin along with other cryptos have seen a massive fall, and that bring down the current holding value to the $820 million.

It means that Tesla has lost almost $600 million in value through its Bitcoin investment.

The bitcoin's price has fallen 60 percent from $46,700 at the start of the year and around 75% from an all-time high in November.

The only good news for Tesla here is that its Bitcoin holding represents only 10% of its cash position and 0.1% of its total market capitalization.


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