Tesla still owns $2 billion in bitcoin, but crypto volatility has taken a toll
CNN
If you've been hurt by the volatile moves in bitcoin lately, you're in good company. Tesla, run by the world's richest person, Elon Musk, has been hit by the crypto craziness too.
The EV maker disclosed in its annual report to the Securities and Exchange Commission that it posted a $101 million impairment loss due to its investment in bitcoin. The loss is essentially an accounting issue, and it does not impact Tesla's overall financial health all that much.
The company still has about $2 billion in bitcoin on its balance sheet, according to the SEC filing. And Tesla did record a $128 million gain on its bitcoin investment following the sale of some of those holdings in March 2021.
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