{"id":25812,"date":"2023-02-05T09:50:26","date_gmt":"2023-02-05T09:50:26","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/elon-musks-tesla-lost-140m-on-bitcoin-in-2022"},"modified":"2023-02-05T10:17:10","modified_gmt":"2023-02-05T10:17:10","slug":"elon-musks-tesla-lost-140m-on-bitcoin-in-2022","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/elon-musks-tesla-lost-140m-on-bitcoin-in-2022","title":{"rendered":"Elon Musk\u2019s Tesla lost $140m on Bitcoin in 2022"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>5m) loss on its Bitcoin investments in 2022, according to filings. The electric car maker told the US regulator it lost $204m on Bitcoin overall, though it gained back $64m through trading.<\/p>\n

Tesla put $1.5bn into Bitcoin in early 2021, with chief executive Elon Musk saying it would be accepted as payment. It changed course a few weeks later, and Tesla has since sold most of its Bitcoin holdings.<\/p>\n

It now holds about $184m of Bitcoin. Mr Musk has been among the most high-profile champions of cryptocurrency, with his pronouncements on social media often driving significant trading activity.<\/p>\n

Tesla\u2019s February 2021 Bitcoin purchase caused the cryptocurrency to rise in price by more than 25% to $48,000 \u2013 a record high at the time. It rose again in March 2021, when Mr Musk tweeted Tesla would allow customers to make their car purchases using Bitcoin.<\/p>\n

This enabled people in the US to secure orders with the equivalent of a $100 deposit in Bitcoin. But the cryptocurrency subsequently fell by more than 10% two months later, when the firm backpedalled on this plan, citing climate change concerns.<\/p>\n

According to the UK Treasury, Bitcoin\u2019s global annual energy consumption is estimated to be roughly 39% of the UK\u2019s \u2013 and some estimates put the cryptocurrency\u2019s even higher. Its price soared to almost $70,000 in November 2022 before crashing by more than 50% when Tesla decided to offload most of its holdings.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. 5m) loss on its Bitcoin investments in 2022, according to filings. The electric car maker told the US regulator it lost $204m on Bitcoin overall, though it gained back $64m through trading. Tesla put $1.5bn into Bitcoin in early 2021, with chief executive Elon Musk saying it would be accepted as payment. […]<\/p>\n","protected":false},"author":84,"featured_media":25811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,189,241],"class_list":["post-25812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-elon-musk","tag-mauritius"],"yoast_head":"\nElon Musk\u2019s Tesla lost $140m on Bitcoin in 2022 - Mauritius<\/title>\n<meta name=\"description\" content=\"5m) loss on its Bitcoin investments in 2022, according to filings. 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