Tesla sells 75% of its Bitcoin holdings, expert say Musk did not fancy it much

economictimes.indiatimes.com:

Tesla Inc has trimmed its Bitcoin stake by one fourth, the renowned electric car manufacturer disclosed in its earnings for the quarter ended June 2022. In a shocker to the crypto world, Elon Musk's company revealed that it has converted about 75 per cent of its Bitcoin holding into fiat currency, which added about $963 million to its balance sheet. However, the automobile major in February 2021, had announced that it had invested about $1.5 billion in Bitcoin but subsequently sold 10 per cent of its stake in April, just two month later.

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Tesla also mentioned that its crypto holding now has dropped to $218 million, Bitcoin impairment hurt second-quarter profitability. The announcement weighed on the crypto market, which saw solid profit booking after the latest rise. Tesla's Chief Executive Officer Elon Musk said on the earnings conference call that the company sold the Bitcoin to maximize its cash because of Covid related uncertainty. He added that the sale should not be seen as 'a verdict on Bitcoin.' However, the clarification from the mercurial technocrat did not help the crypto sentiments much as the numero uno crypto asset, which was at the $24,200 mark on Wednesday, plunged over 6 per cent to $22,700 levels on Thursday. On Thursday, the token was struggling to regain $23,000 level at 13.30 hours IST, with its total marketcap dropping below the $450 billion mark and volumes plunging about 9 per cent to $43.25 billion, according to Coinmarketcap's data. The selling by Elon Musk has hurt the