• According to the sources, Tesla lost $140 million on their Bitcoin investments.
• Musk’s statements on social media frequently trigger trading activity.
• Tesla told US officials that it had made up the difference through trading.

Elon Musk has been a vocal proponent of cryptocurrencies, and his statements on social media frequently trigger significant trading activity.

According to the sources, Tesla lost $140 million on their Bitcoin investments in 2022.

The electric vehicle company told US officials that while it had lost $204 million on Bitcoin overall, it had made up the difference through trading.

Musk has been a vocal proponent of cryptocurrencies, and his statements on social media frequently trigger significant trading activity.

When Elon Musk revealed that Tesla would allow individuals to buy automobiles with Bitcoin starting in March 2021, it rose once again. As a result, US individuals might secure orders with the equivalent of a $100 Bitcoin deposit.

However, when the corporation changed its mind about this plan two months later, citing concerns about climate change, the cryptocurrency plunged by more than 10%.

The UK Treasury reckons that Bitcoin’s annual energy use is equivalent to 39% of that of the UK; some estimates make the ratio far higher.

When Tesla decided to sell off the majority of its holdings, its stock price dropped by more than 50% from a peak of almost $70,000 in November 2022.

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According to The Verge, Bitcoin’s value has usually fallen between the time Tesla revealed its original acquisition and today. The cryptocurrency’s price is now around half of what it was when Tesla originally announced their commitment. It is currently valued at just less than $23,000, down from more than $40,000 when the transaction was initially revealed in early February 2021. In November 2021, Bitcoin reached a peak of about $65,000.