Tesla CEO Elon Musk
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Elon Musk-controlled Tesla has revealed that it sold off 75 percent of its Bitcoin holding, worth $936 million. The disclosure comes as a major setback for the cryptocurrency which had gained legitimacy because of the huge investment by Tesla and Musk&rsquo;s support.</p>
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&ldquo;As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,&quot; Tesla said in a shareholder letter on Wednesday as part of the company&rsquo;s earnings report. &ldquo;Conversions in Q2 added $936M of cash to our balance sheet.&quot;</p>
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The electric-car manufacturer disclosed in February 2021 that it had invested $1.5 billion in Bitcoin, and subsequently sold 10% of its stake that April. Tesla said on Wednesday that its digital assets have shrunk to $218 million, and that a Bitcoin impairment hurt second-quarter profitability.</p>
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However, Musk, one of the most eminent business personalities to promote cryptocurrencies and who keeps everyone guessing about his next move,&nbsp; has also indicated he may buy bitcoin again in the future.</p>
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In his company&#39;s earnings call on July 20, Musk said Tesla selling bitcoin should not be considered as &quot;some verdict&quot; on the digital currency, Coindesk reported.</p>
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Musk cited concerns about his company&#39;s overall liquidity as the reason for the sale. He claimed that the company sold the Bitcoin to maximize its cash position because of uncertainty related to the Covid shutdowns</p>
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