Tesla’s Bitcoin Blunder: How Selling at $20K Could Haunt Elon Musk’s Crypto Empire Forever
Following that, Bitcoin has left the $20,000 level well behind. The digital asset crossed $100,000 last December and extended its rally to $122,000, its latest high.
With Bitcoin trading at around $116,300 at the time of reporting, Tesla’s initial holdings would be valued at about $5 billion. The BTC it offloaded would be worth over $3.5 billion now.
Tesla now holds 11,509 BTC worth around $1.4 billion. The company has not adjusted its Bitcoin portfolio since its last purchase.
Tesla’s auto revenue dropped for the second quarter in a row, and the company missed Wall Street’s projections. The stock plunged 8% on Thursday before bouncing back 3.5% on Friday. It’s still down more than 21% so far this year, per Yahoo Finance.
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