Tesla made a $170 million loss from the fall in the value of cryptocurrencies

Posted 26 July, 2022

Electric car manufacturer Tesla, Inc. suffered a loss of $170 million due to a decrease in the value of the cryptocurrency on its balance sheet, according to a published report for the 2nd quarter of 2022. However, the company made a profit of $64 million from converting bitcoin into fiat currency.

For comparison: as of June 30, 2021, Tesla recorded a profit of $128 million from the conversion of digital assets, and a loss from the decrease in their value was $50 million.

As of December 31, 2021, the book value of Tesla's cryptocurrency was $1.26 billion. As of June 30, 2022, the fair market value of the digital assets remaining on the company's balance sheet is $222 million, the report says.

Tesla has sold approximately 75% of previously purchased bitcoins, according to the company's quarterly report released last week. The cryptocurrency was sold in the amount of $936 million.

 

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26 July, 2022 09:31

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