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Tesla has recently revealed information about its crypto assets in its latest 10-K report. According to the report, Tesla has sold 75% of all the crypto assets that it purchased or received in 2021/2022, with a total value of $1.1 billion. This has reduced the company’s crypto holdings to approximately $191 million, down from its height of $1.99 billion at the end of 2021.
Tesla had originally purchased $1.5 billion worth of crypto assets, but the sale of 75% of those assets has left the company with a current value of $191 million at the end of 2022. Additionally, the company has lost an estimated $200 million in cumulative unrealized gains on these assets over the course of 2022.
In 2021, Tesla made headlines by announcing that it would accept bitcoin as a form of payment for its products and services. However, the company soon revoked this decision, citing the environmental impact of bitcoin mining as the reason for its change of heart. Despite this, Tesla still allows customers to buy some of its merchandise from shop.tesla.com using Dogecoin.
The current state of Tesla’s crypto assets highlights the volatility and unpredictability of the crypto market. Despite the company’s large initial investment, the value of its assets has fluctuated greatly, leading to significant losses. While Tesla’s decision to accept Dogecoin as a form of payment is a nod to the growing popularity of cryptocurrencies, it remains to be seen how much of an impact this will have on the company’s overall financials.
In conclusion, Tesla’s crypto assets are a small but noteworthy aspect of the company’s financial picture. While the company’s recent decision to accept Dogecoin for merchandise purchases is a nod to the growing popularity of cryptocurrencies, the company’s decision to sell off 75% of its crypto assets highlights the need for caution when investing in this market.
Source: Tesla’s latest 10-K report
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As of: 2024-05-04 08:12
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As of: 2024-05-04 08:12
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