Elon Musk's Tesla sells most of its (Dogecoin) Bitcoin holdings

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The majority of Tesla's holdings have now been sold off after the company made headlines last year when it reported a large investment in Bitcoin.

The electric car company sold 75% of its Bitcoin, which had a value of around $2 billion (£1.7 billion) at the end of 2021.

It is pulling back as the cryptocurrency's value has plummeted, plunging by more than 50% this year.

According to Tesla, the $936 million (£782 million) from its Bitcoin sales was spent on regular currency.

One of the most well-known cryptocurrency supporters is Tesla CEO Elon Musk, whose social media posts frequently lead to significant trading activity.

Interest in Bitcoin grew following Tesla's $1.5 billion investment, which was made public in February 2021. The price of the infamously volatile cryptocurrency spiked to over $70,000 in November of last year before falling sharply.

At the moment, one Bitcoin costs less than $25,000.

This year, Tesla stopped accepting Bitcoin as payment for its vehicles, citing concerns regarding the environmental impact of Bitcoin mining, which consumes a lot of energy.

On social media at the moment, Mr. Musk said that the business would not be selling its Bitcoin holdings.

Elon Musk explained Tesla's view on Bitcoin on Twitter last year.

Tesla won't be offering any Bitcoin for sale. That conveys a strong message.

But rather than just a pinch, statements made by the world's richest person should be regarded with caution.

We now know that Tesla sold the majority of its Bitcoin a year after that Tweet.

Perhaps a pattern is emerging here?

Mr. Musk's claims don't always materialise, whether he's touting driverless technology or purchasing social media firms.

At the moment, it doesn't appear that this has hurt his business career.

Musk is an advocate for cryptocurrencies and played a key role in spreading the word about ones like Bitcoin and Dogecoin.

Mr. Musk claimed that this was more about the need for money than it was about DIGITAL CURRENCY Bitcoin.

The cryptocurrency market, however, was also described by him as a "side show to the side show."  Not exactly a glowing recommendation.

Tesla disclosed the sale of the stakes as part of its customary quarterly report. It said that one of the things hurting its profitability was Bitcoin.

However, despite challenges like Chinese lockdowns, the company did report a higher-than-expected profit for the three months ending in June. This was due to price increases on its best-selling vehicles.

A "record-breaking second half" of the year was also anticipated.

Tesla reported that its manufacturing in China increased output to a monthly record as Covid-19 limits were announced.

Additionally, Elon Musk claimed that the company's most recent factories in the United State and Ge. produced more.

He previously referred to the locations in Austin, Texas, and Berlin as "gigantic money furnaces."

The cost of Tesla stock has dropped by almost 40% so far this year.