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Tesla reveals $140 million loss from Bitcoin investments

Tesla lost $140 million from Bitcoin investments last year.

In a US regulatory filing, the automaker said the overall loss amounts to $204 million on Bitcoin.

However, it has partially recovered $64 million from converting it into fiat currency. 

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Tesla bought $1.5 billion of the digital currency in early 2021.

At that time, CEO Elon Musk said Tesla would accept Bitcoin as payment for its vehicles.

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Within a few weeks, it had veered course by selling the bulk of its holdings.

It now has around $184m in Bitcoin.

READ MORE: NEW INVESTOR EVIDENCE SUGGESTS TWITTER LOST HALF ITS VALUE AFTER ELON MUSK TAKEOVER

Mr. Musk is among the prominent supporters of cryptocurrency, with his tweets often sparking major trading activity.

Tesla's purchase of Bitcoin in February 2021 boosted its price by more than 25 percent to $48,000, a historic high at the time.

It surged again in March 2021, when Mr. Musk announced that Tesla would let customers pay for cars with Bitcoin.

This allowed US customers to book orders with the equivalent of a $100 Bitcoin deposit.

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But, the currency sank by more than 10 percent two months later when the company changed its decision, citing climate change concerns.

The UK Treasury estimated Bitcoin's global annual energy consumption to be nearly 39 percent of the UK's, with some estimates putting it much higher.

Its value climbed to almost $70,000 in November 2022 before plummeting by more than half when Tesla decided to sell most of its holdings.

Source: BBC

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