Again Elon Musk he does his thing again and with another one of his moves, we see how the cryptocurrency market is faltering. This time it was revealed that his electric vehicle company, You’re heresold the 75% of your Bitcoinbecome like that $936 million in profits. Interestingly, the Bitcoin now it’s in freefall and gone from being worth almost €24,000 yesterday at €22,100 at the time of the news.
Tesla is fighting like many other companies against the inflation and the economic recession overall. One of its sources of income has been cryptocurrencies, which despite collapsing in recent months, have seen a increase in BTC (Bitcoin) and ETH (Ether). And it is that Tesla has invested $1.5 billion in bitcoin last year and now, after selling 75% of their shares, they claim it has earned them $936 million.
Tesla accepted payment with Bitcoin, but rejected it in less than 2 months
Not so long ago, Tesla announced that it would allow Bitcoins to be paid to purchase its electric cars. It was in Marchwhen he BTC managed to reach one of its highest values, with prices close to the €43,000. However, only 49 days later, in MayTesla removed this payment method, which makes sense, because here Bitcoin crashed at the €28,00015,000 euros less than the other time.
In its latest report, Tesla assures that after the sale of its BTC, the value of its remaining digital assets is $218 millionin front of the $1.2 billion you were talking about in the previous quarter. About your CEOElon Musk, in July 2021 was against the sale of bitcoin, hoping it would be more successful. Precisely on these dates, Bitcoin saw its value increase by almost a 50% in one month.
Elon Musk assures that he did not sell his Dogecoin, the very cryptocurrency that exploded
You probably remember cryptocurrency Dogecoin, which was considered a meme for many years. And it is that, since its creation, this currency has had a ridiculous value in the market, costing €0.002 on average, that is, you could buy 500 Dogecoins for 1 euro. However, he had a historic moment when, in just a few hours, he reached a peak of €0.5 thanks to a tweet from Elon Musk.
We talk like this that everyone who had Dogecoins in their wallet and hastened to salethey have some huge profits. Additionally, the coin has been slow to drop in price, and although it is currently under a minimum valueit’s still very upper the one he had from 2018 to early 2021.
Tesla is making less profit and needed the money from cryptocurrencies
Elon Musk decided to sell Bitcoin from Tesla because he was worried about the liquidity of the company due to closures in China produced by the COVID-19[feminine]. Therefore, Tesla needed to get some cash and the sale of these cryptocurrencies helped. And it is this, the company informs that it has obtained $2.26 billion in Advantagesa 31% less than the last trimester, where he got $3.3 billion.
It was the result of a few Income of $16.9 billiona decrease compared to $18.7 billion of the previous quarter. Still, it’s an improvement over last year, as Tesla says there’s more sales electric vehicles, in addition to “improving average price for sale”. By the latter, they mean that Tesla has climbed the prices of their vehicles in a ten% and reloaded them for some of its models in June. Even so, he earns less per car, since his gross margin per sale was 32.9% during the first trimester and is now 27.9%.
Additionally, Tesla announced this month that vehicle shipments fell by approximately 18 percent compared to the previous quarter and manufactured 15% less of cars. The main reason was the limited production and many stops he has experienced in Shanghai due to COVID. In addition, he attributes responsibility to increases in the price of raw materials, logistics and costs derived from the closures in China. Finally, he mentions the “deterioration of Bitcoin” as another of Tesla’s losses.