Elon Musk sold 75% of bitcoins owned by Tesla

The American automotive company Tesla, owned by billionaire Elon Musk, has sold 75% of its bitcoins — all due to a drop in the company’s profits as a result of production problems due to COVID-19.

As Tesla CEO Elon Musk explained, the sale of cryptocurrency was driven by the need to increase liquidity during the period of anti-covid restrictions in China. As a result, the company temporarily closed its plant in Shanghai, which led to problems with the supply of machinery and equipment to plants in Berlin and Texas, and Tesla began to lose billions of dollars.

At the time of writing, the electric car manufacturer has converted about 75% of its BTC into cash, which brought Tesla $ 936 million. However, as Musk emphasized, Tesla «has not sold a single Dogecoin» and remains «open» to future investments in cryptocurrencies.

As a reminder, a well-known DOGE supporter recently stated that he would continue to support Dogecoin despite any market turmoil. However, it is Elon Musk himself who needs support now — all because of a lawsuit against the billionaire by Twitter representatives. Currently, the court hearing is scheduled for September, although Musk tried to postpone the start of the trial to February 2023. According to the entrepreneur’s lawyers, Twitter representatives want to achieve a «light speed» sale to hide the truth about the number of fake accounts.