Due to the sudden drop in the value of Bitcoin over the past month, Tesla has sold 75% of their Bitcoin holdings worth $936 million (~RM 4.1 billion). Holdings were released after taking into account rising inflation and global economic uncertainty.
Tesla previously bought $1.5 billion in Bitcoin and later announced support for buying a number of their products using the cryptocurrency. Although Bitcoin holdings began to be released, Elon Musk said the company is not selling any Dogecoin holdings. Tesla still has over $200 million in digital assets.
Although the value of Bitcoin was reduced by more than half to around RM80,000, it started showing signs of recovery with the value passing RM100,000 over the past three days.
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BUSINESS & MONEY