Tesla Sold $936M Worth of Bitcoin

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4 days ago

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00:00welcome back to decentralized news so just a quick agent update it has come out that

00:06tesla has indeed sold some 936 million worth of bitcoin in this second quarter

00:16and the price of bitcoin did react to this news just dropping slightly by i think about 1.7

00:26but then obviously it has seen started to recover that loss so obviously this electric car maker

00:36tesla if you've been following what's going on in the space you know that they do or did hold

00:43bitcoin as a part of their reserves and so they sold apparently 75 of their holdings in the second

00:54quarter according to the uh reportings of uh its earnings ceo musk um said during uh tesla's calls

01:04earning that um the calls are earnings call rather uh it's late sorry for my stuttering and everything

01:13but um he said that the majority of the bitcoin was sold to maximize tesla's cash position given the

01:23uncertainty of uh continued covid lockdowns in china also said that tesla is open to boosting its

01:29bitcoin exposure in the future which should uh um and he said that this should not be taken as some

01:36verdict on bitcoin and uh apparently they did say they did not sell uh their dogecoin but the price

01:43of course did react to the news tesla ended the uh second quarter with just a 218 million in bitcoin

01:51which is still a sizable amount but uh considerably less than the 1.26 billion in the previous three

01:59quarters so the company held about 42 000 bitcoin at some point sold off above 75 percent for about 936

02:08million that would equate to an average selling price of about 29 000 per bitcoin which puts them in

02:15profit at this point bitcoin ended up uh obviously um with a low of about 18 700 when we um um got down

02:29to the lows just a few weeks ago meaning tesla did obviously avoid the substantial impayment in um

02:37sort of charge on its holdings by selling earlier in that quarter of course they also announced that

02:44uh they had purchased um this 1.5 billion dollars worth of uh bitcoin just in uh february of last year

02:54and that it also triggered uh quite a rally um and uh of course yeah later obviously in the first quarter

03:05the company did trim their bitcoin position by 10 percent a sale that did boost the quarter um earnings of

03:13about um 272 million that got added to uh the earnings when they did that it had not bought or sold any more

03:23bitcoin since then and of course now it has come out that uh they have indeed sold 75 percent of the

03:32stake overall for the second quarter tesla did report adjusted earnings per share of 2.27 beating the

03:39consensus of analyst estimates reported to fact set of about 1.81 a share on revenue of about 16.9 billion

03:51ahead of a 16.5 billion estimate you know which means uh shares of tesla rose as 0.7 percent to about

04:03746.78 obviously um dollars just uh in the after hours trading so that is the update if you wanted to

04:14know what's going on with the this whole news about tesla selling it's a bitcoin position i think it's not

04:21a big deal um i think tesla of course has seen a quite a big loss in its um share price as well

04:32and uh yeah it makes sense with the older tweets that musk was putting out in terms of the panic

04:38of uh how bad the global economy was getting thank you very much sir

04:43we have a pretty um decent amount of cash on the side to keep their operations going so

04:53not surprising but of course you know it seems like even with all of that

04:58and all the pressures that we were seeing uh with the sell-off the forced sell-offs from the

05:04liquidations and obviously the liquidity crisis in the market over the recent few months i think you

05:11know this is good news to me when you start to see that even companies like tesla had sold and now we

05:19back up at these prices that we're sitting at slightly above 23k from correct today and um yeah so

05:29nothing to worry about guys i think we are really um in a stage where things are continuing to look

05:40good and uh more promising for the wider industry in general of course it might take us uh some time

05:48to really like get some liquidity into the system to really be able to fund uh projects and

05:55developments in the space before we can start to see some new hype cycles driven by who knows this

06:03time nfts metaverse defi 2.0 whatever's next let me know what you guys think check out the links

06:13in the description like share subscribe turn on the notification bell hella late over here man i

06:20gotta go to bed but i just thought i'd fill you in on what's happening peace

06:24you

Tesla Sold $936M Worth of Bitcoin

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