Tesla’s Q2 2022: Sells 75% of Bitcoin, Musk Says Not Blockchain’s Fault – Profits Fall
Tesla’s Q2 2022 report and investor call have already happened, and there is massive news from the company regarding this quarter, especially for the Bitcoin holdings it originally purchased. Now, the company sold 75 percent of its Bitcoin holdings that it originally planned to “hold for life” for investment purposes.
Its chief technical officer addressed the sell-off and said it was not the blockchain’s fault in this case.
Tesla Q2 2022: 75% of Bitcoin now sold – but why?
(Photo: Spencer Platt/Getty Images)
A Tesla showroom stands in the Meatpacking District of Manhattan on June 6, 2018 in New York City.
Tesla posted its full report for Q2 2022 online, and it talks about a lot that happened at the company in the last three months of the year. This quarter is one of the most challenging for the company yet, as it is the first time in a long time that Tesla saw a decline in numbers and profits for this quarter.
However, that is not the only massive news for this second quarter, as the company also saw changes in its investments and holdings, especially with the top cryptocurrency in the market, Bitcoin. Elon Musk revealed on an investor call that the company had already sold its Bitcoin assets, specifically 75 percent of its $936 million worth of coins.
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Tesla Investor Call for Q2 2022
The latest investor call for Tesla took place recently and there are several changes in the company that will happen in the future, one of them is the Bitcoin holdings. The company experienced a lot this quarter, which is a new thing for them as they were used to winning and earning even during the massive downturn of the last two years of the pandemic.
Tesla and Bitcoin
Tesla and Bitcoin had an up and down trend in focus, with a rocky relationship that started in a good way and then turned into something where they had a fallout for several reasons. One of the reasons here is Bitcoin mining uses coal energy, which goes against Tesla’s focus or main advocate, which is clean energy for the planet.
Musk and Tesla have condemned the use of Bitcoin to purchase electric cars and have previously stopped dealing with the public regarding the cryptocurrency coin. Despite Tesla’s issue with Bitcoin as a massive user of coal power for its mining operations, Musk previously confirmed that the company did not sell any of the BTC shares on the market they first bought.
Now it officially confirmed that they sold the Bitcoin shares they have, a good percentage of them, and that is to get the money they badly needed and use it for ventures. There is still 25 percent left for the top cryptocurrency holdings, and it focuses on investing and HODLing for the future, especially now that a rally is coming.
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Written by Isaiah Richard
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