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Find out what's left of Bitcoin at Tesla after the latest sale!

 

Despite last week's panic over Tesla announcing the sale of 75% of its bitcoins.


The company reported that it held $222 million worth of cryptocurrencies on its balance sheet as of June 2022.


The new details emerged in the company's quarterly report, which it filed with the US Securities and Exchange Commission on Monday morning.


Usually, the case is for a company to issue a press release and host an earnings conference a few days before it submits its full earnings report to the Securities and Exchange Commission.


That's why news about Tesla's sale of Bitcoin worth 75%, or $936 million, surfaced last Wednesday, meaning it spread before the company released more details.


Elon Musk, CEO of Tesla, went on to say during the company's report on Wednesday that the company sold its bitcoin to free up cash and create liquidity especially as the coronavirus shutdowns continued in China.


Musk said last week:


The reason we sold a bunch of our bitcoin holdings was that we weren't sure when the coronavirus shutdowns in China would ease.


It was therefore important for us to maximize our monetary position, given the uncertainty of the Corona lockdowns in China.


Bitcoin lost 2.5% of its price in the hour following the announcement, dropping to $2,078.18 on Wednesday.


On Monday afternoon and early morning, the world's largest cryptocurrency by market cap fell further and was trading at $21,110 per bitcoin, according to CoinMarketCap.


Meanwhile, Tesla shareholders and investors seem to have liked the news regarding the company's sale of a significant portion of its bitcoins.


TESLA shares were up from $742.50 at the market close on Wednesday, before the announcement, and were up 9% to $812.16 as of Monday afternoon.


According to Yahoo Finance, it is the highest price for TESLA stock since early May.

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