Tesla may lose 3.5 billion due to Bitcoin, equivalent to 9% of annual profit

According to the British “Daily Telegraph” report, after the value of Bitcoin fell sharply, Tesla may mention about 440 million US dollars loss in the second quarter performance report. This loss is equivalent to nine percent of Tesla’s annual profit.

The price of bitcoin has plummeted recently, falling 60% from $46,700 at the beginning of the year, reaching the level of $18,700. Brian Armstrong, the founder and CEO of Coinbase, announced earlier that he would enter a virtual currency winter, and then made a decision to lay off employees.

The current global cryptocurrency market value has dropped to $868 billion. Tesla submitted to the US Securities and Exchange Commission on February 7, 2022. The company held nearly $2 billion worth of bitcoin at the end of last year, and Tesla could face losses of more than $440 million if bitcoin fell, the filing said.

Tesla CEO Elon Musk said on social media that he will not sell any cryptocurrencies for the time being, indicating that he “will continue to hold, and will not sell my Bitcoin, Ethereum, Dogecoin holdings.”

Source : Telegraph

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