Tesla Drops 75pct of Bitcoin Holdings

[engine]

Tesla has dropped 75% of its investment of $1.5 billion Bitcoin holdings into "flat currency."

It’s a rapid retreat for Tesla and CEO Elon Musk, who was a heavy crypto booster during last year’s runup, frequently tweeting about various digital currencies. The price of bitcoin has lost half its value in the past four months during what’s been dubbed a “crypto winter.”

For Tesla, the fair market value of its bitcoin holdings reached $2.48 billion in the first quarter of 2021 and ended the year at about $2 billion. The company didn’t say at what price it sold or provide the size of its impairment, but bitcoin started the second quarter at close to $46,000 and ended below $19,000.

It's a bit of a backtrack, and I wonder if Mr Musk has taken another hit on his credibility, having touted the digital currency so much over time.

[cnbc.com...]

[Lexur]

Well, I don't know how his credibility will be, but his pocket has been touched because the move has cost him more than three hundred million dollars.

[lucy24]

the move has cost him more than three hundred million dollars

:: detour to look up current net worth::

Yup. It's as if you made an unfortunate choice in exterior paints, causing your house to lose $300 in assessed value.