Tesla dumps Bitcoin amid pressure from factory shutdown

Posted on AllSides July 21st, 2022
From The Left
Nina Riggio/Bloomberg

Tesla sold more than $900 million worth of bitcoin last quarter, shedding 75 percent of its holdings and prompting the overall market value of the cryptocurrency to drop.

The company sold it off because of issues with car production in China, Tesla CEO Elon Musk said during an earnings call Wednesday.

“The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the covid lockdowns in China would alleviate,” Musk said. “We are certainly open to increasing our bitcoin holdings in the future,...

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