Electric vehicle giant Tesla Inc
TSLA-4.91%+ Free Alerts purchased Bitcoin
BTC/USD-12.3%+ Free Alerts for the first time in February 2021. Here’s a look at how the $1.5 billion investment has fared for Tesla with Bitcoin crashing.
What Happened: Tesla announced a $1.5 billion purchase of Bitcoin in February 2021. The company announced later that it sold $272 million of the cryptocurrency in the first quarter of 2021, which had a “positive impact” of $101 million on the company’s profitability.
Tesla ended the most recently reported first quarter of 2022 with $1.2 billion of Bitcoin on its balance sheet, in line with the same amount reported at the end of the last fiscal year.
