{"id":23280,"date":"2022-07-21T15:11:54","date_gmt":"2022-07-21T15:11:54","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings"},"modified":"2022-07-21T15:27:34","modified_gmt":"2022-07-21T15:27:34","slug":"tesla-sells-most-of-its-bitcoin-holdings","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings","title":{"rendered":"Tesla sells most of its Bitcoin holdings"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Tesla, which made waves last year when it revealed a major investment in Bitcoin, has now sold off most of its holdings of the cryptocurrency.<\/p>\n

The electric carmaker said it had offloaded 75% of its Bitcoin, which was worth about $2bn at the end of 2021.<\/p>\n

It is backing away as the value of the cryptocurrency has plunged, falling by more than 50% this year.<\/p>\n

Tesla said it bought traditional currency with the $936m (\u00a3782m) from its Bitcoin sales.<\/p>\n

Tesla boss Elon 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’s $1.5bn investment in Bitcoin, revealed in February 2021, prompted a surge of demand in the currency. The price of the notoriously volatile cryptocurrency soared last year to almost $70,000 in November before crashing.<\/p>\n

One Bitcoin now trades for less than $25,000.<\/p>\n

Tesla last year stopped accepting Bitcoin as payment for its cars, citing concerns about the climate impact of energy-intensive Bitcoin mining.<\/p>\n

At the time, Mr Musk said on social media that the company would not be selling the Bitcoin it owned.<\/p>\n

Last year, Elon Musk took to Twitter to outline Tesla’s position on Bitcoin.<\/p>\n

“Tesla will not be selling any Bitcoin”. That sounds pretty emphatic.<\/p>\n

Yet from the mouth of the world’s richest person, statements should be taken with not just a pinch but a shovel of salt.<\/p>\n

We now know that a year after that Tweet, Tesla sold most of its Bitcoin.<\/p>\n

You might be noticing a pattern here?<\/p>\n

Whether it’s promising driverless tech or buying social media companies, Mr Musk’s pronouncements don’t always come to pass.<\/p>\n

That doesn’t seem to have hurt his business career, up to now.<\/p>\n

But this is another reminder that his words, which can move markets, are not set in stone.<\/p>\n

The move is yet more bad news for Bitcoin and crypto more generally. Musk is an advocate of crypto, and helped hype up currencies like Bitcoin and Dogecoin.<\/p>\n

Mr Musk said that this wasn’t a reflection on Bitcoin, and more about the need for cash.<\/p>\n

However, he also called crypto a “side show to the side show”. Not exactly a ringing endorsement.<\/p>\n

Tesla shared the sale of the holdings as part of its regular quarterly update. It said Bitcoin was one of the factors that hurt its profitability.<\/p>\n

However, the company reported higher-than-expected profit for the three months to the end of June as price increases of its best-selling cars helped offset challenges, including lockdowns in China.<\/p>\n

It also promised a “record-breaking second half” to the year.<\/p>\n

Tesla said production at its factory in China rose to a monthly record as Covid-19 restrictions were lifted.<\/p>\n

Mr Musk also said output increased at the company’s newer factories in Germany and the US.<\/p>\n

He previously called the sites in Berlin and Austin, Texas “gigantic money furnaces”.<\/p>\n

Tesla shares have fallen by almost 40% this year.<\/p>\n

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

Africa-Press – Mozambique. Tesla, which made waves last year when it revealed a major investment in Bitcoin, has now sold off most of its holdings of the cryptocurrency. The electric carmaker said it had offloaded 75% of its Bitcoin, which was worth about $2bn at the end of 2021. It is backing away as the […]<\/p>\n","protected":false},"author":84,"featured_media":23279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-23280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nTesla sells most of its Bitcoin holdings - Mozambique<\/title>\n<meta name=\"description\" content=\"Tesla, which made waves last year when it revealed a major investment in Bitcoin, has now sold off most of its holdings ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tesla sells most of its Bitcoin holdings\" \/>\n<meta property=\"og:description\" content=\"Tesla, which made waves last year when it revealed a major investment in Bitcoin, has now sold off most of its holdings ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-21T15:11:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-21T15:27:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/07\/postQueueImg_5-62d970346027d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tesla sells most of its Bitcoin holdings\",\"datePublished\":\"2022-07-21T15:11:54+00:00\",\"dateModified\":\"2022-07-21T15:27:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings\"},\"wordCount\":507,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/07\/postQueueImg_5-62d970346027d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tesla-sells-most-of-its-bitcoin-holdings\",\"name\":\"Tesla sells most of its Bitcoin holdings - 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