Tesla reports a loss of $ 440 million due to the fall of bitcoin

According to a report published by The Telegraph on Sunday, electric car manufacturer Tesla will report a loss of about $ 440 million in its quarterly report.

At the beginning of last year, Tesla bought $ 1.5 billion worth of bitcoin, making it one of the largest companies to send part of its fiat reserves to the cryptocurrency. However, due to the decline in the BTC exchange rate to $ 19,000, the company’s losses over the last quarter may amount to almost half a billion dollars.

Such losses are equivalent to 9 percent of Tesla’s annual profit for the past year. The price of cryptocurrency has fallen by 60% from $ 46,700 at the beginning of the year and by almost 75% from a record high in November last year. Rising interest rates and inflation have dampened interest in digital assets, and the price of digital assets has also declined due to a series of crises in cryptocurrency companies.