More ;s there Despite his fortune and his incendiary verbiage, Elon Musk is known for being one of the businessmen who has evangelized the most in the last year about the use of Bitcoin strong>. That took him to which Tesla, the electric car company he runs, also bet on investing in the most popular cryptocurrency. However, the crisis in which virtual currencies live has led the tycoon to take a swerve and the car manufacturer has disposed of up to 75% of its crypto investment.
By the end of June, Tesla had converted roughly three-quarters of the Bitcoin it held into dollars, the value of which has plunged 47% so far this year. This maneuver has allowed the company to add 936 million cash to its balance sheet, thus stopping the The losses he was suffering from the devaluation of the cryptocurrency they had bet on. so is detailed in the letter they have sent to Tesla shareholders regarding second quarter earnings.
For months, Musk has publicly harangued his followers about the potential of cryptocurrencies. “I might mine, but I don't dump,” he said a year ago at a Bitcoin conference. 'Hold' or not to withdraw the money invested in an asset when it is falling is a repeated mantra by the crypto community. However, those words have been carried away by the wind. Tesla began He started to sell Bitcoin when its value was still high, but he accelerated. the sale when it fell. in April. Musk did not say anything about it and it has now become known because, by going public, Tesla has the obligation to publish its accounts and inform its shareholders.
Problems in China
Even so, the tycoon denies that this divestment supposes his loss of confidence in Bitcoin. “This should not be taken as a verdict on Bitcoin,” he has excused himself. “It's just that we were concerned about the company's overall liquidity given the (auto plant) closures in China due to covid.” Musk has also invested part of his fortune in the cryptocurrencies Ether , the second most popular, and Dogecoin , considered a joke. In recent weeks, the businessman has hinted that the rocket manufacturer SpaceX, which he also leads, could join Tesla and accept the purchase of its products with Dogecoin.
It was in February 2021, when Bitcoin was experiencing its first major revaluation peak, that Tesla that he had invested 1,500 million dollars in this cryptocurrency, a decision that also contributed. to that heyday. Two months later he announced that 10% of that stake had been sold. With today's decision, the Musk-owned electric car maker has reduced its digital assets to about $218 million.