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Tesla's Musk Remains Open to Buying More Bitcoin After Selling in Q2 to Raise Cash
The CEO said the EV company could add to its position again in the future but now he wants to boost its cash position.
Updated May 11, 2023, 6:46 p.m. Published Jul 20, 2022, 10:21 p.m.
Electric vehicle maker Tesla (TSLA) sold the majority of its bitcoin holdings in the second quarter in order to boost its cash position given the uncertainty around COVID-19 lockdowns in China, CEO Elon Musk said during the company's earnings call Wednesday.
- But Musk said Tesla is open to increasing its bitcoin holdings again in the future. He said the second-quarter sale "should not be taken as some verdict on bitcoin," emphasizing that "we were concerned about overall liquidity for the company given [COVID-19] shutdowns in China."
- Tesla did not sell any of its holdings, Musk also said during the conference call.
- Tesla sold $936 million worth of bitcoin, or 75% of its holdings, during the quarter. It sold its bitcoin for an average price of around $29,000 per bitcoin, avoiding a substantial impairment charge by selling earlier in the quarter. Bitcoin ended the second quarter at a price of about $18,700.
- The price of bitcoin initially fell about 1.7% to $23,300 following the release of Tesla's second-quarter earnings report, which contained news of the sale. But the price recovered after Musk's comments on the earnings call.
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