According to papers, Tesla lost $140 million (£113.5 million) on its Bitcoin bets in 2022. The electric vehicle manufacturer informed the US authorities that while it had altogether lost $204 million on Bitcoin, it had recovered that amount through trading. Tesla invested $1.5 billion in Bitcoin at the beginning of 2021 after CEO Elon Musk foresaw its utility in transactions. The position was reversed a few weeks later, and Tesla has since sold the vast majority of its Bitcoin holdings. Currently, it has roughly $184 million in Bitcoin.
Mr Musk has been one of the most prominent proponents of cryptocurrencies, and his comments on social media frequently spark large trading activity.
Due to Tesla’s purchase of Bitcoin in February 2021, the value of the digital currency increased by more than 25% to $48,000, which was a then-record high. It climbed once more after Elon Musk said Tesla would allow Bitcoin purchases starting in March 2021. This made it possible for US citizens to secure orders with the equivalent of a $100 Bitcoin deposit. But when the business decided against this proposal two months later, citing concerns about climate change, the cryptocurrency suddenly fell by more than 10%.
When Tesla chose to sell off the majority of its interests, its price plummeted by more than 50% from a peak of about $70,000 in November 2022.
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