Due to the fall in bitcoin’s price, Tesla experienced a significant loss of reserves. According to The Telegraph, the damage was approximately 440 million dollars. The source claims that the company had $1.26 billion worth of cryptocurrencies at the start of the second quarter. However, this was reduced by the fall of “crypto”. This was equivalent to a drop of 9% in Tesla’s annual profits for 2021.
She sold 75% of her bitcoins for $936 million. The average bitcoin price at the time was $31,600. However, it is now $29,000. This is after taking into consideration the drop in bitcoin prices.
According to Coindesk the bitcoin price fell 1.7% to $23,000 following the announcement. However, it quickly recovered its original value after Musk made comments about the situation. The “crypto” price is currently below $23,000
The company ended the second quarter with $218 millions in bitcoin savings, an increase of $1.26 billion from the initial $1.26 billion.
It was reported earlier that the price of the major cryptocurrency could drop to $8,000 per coin by year’s end.