In its annual report that was filed with the U.S Securities and Exchange Commission on Feb. 7, Telsa, the world's largest electric car manufacturer, revealed that it had held $1.99 billion worth of Bitcoin at the end of 2021.
The e-car manufacturer put a whopping $1.5 billion into the largest cryptocurrency in the first quarter of 2021.
Last March, Tesla made a $128 million profit by selling a small portion of its Bitcoin holdings to prove that the coin had a sufficient level of liquidity.
As of December, the company recorded $101 million worth of impairment losses due to the cryptocurrency's significant price fluctuations.
After Tesla announced its massive Bitcoin purchase a year ago, it faced huge backlash from environmental activists. Many pointed out that this would not bode well for the company's zero-emissions efforts, accusing Musk, a poster child for green tech, of hypocrisy.
Arman ShirinyanIn January, Tesla made it possible to buy some merchandise with joke cryptocurrency Dogecoin, which has been frequently touted by Musk.
Undaunted by supply chain issues, the company recently reported a record-breaking $5.5 billion profit in the fourth quarter of 2021.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov