Elon Musk earned $ 64 million by selling 75% of Tesla’s bitcoins

Tesla, the electric car company owned by Elon Musk, has received $ 64 million in realized profits, all thanks to the sale of 75% of bitcoin last week. As explained by Tesla CEO Elon Musk, the company needs funds for its newly opened factories in the US and Germany, as well as cash flow to support its business in China.

Recently, the company temporarily closed its plant in Shanghai, which caused problems with the supply of machinery and equipment to plants in Berlin and Texas, and Tesla began to lose millions of dollars. However, not everyone understands the reasons for the sale of BTC, as Michael Saylor, CEO of MicroStrategy Corporation, which is the largest commercial owner of BTC, criticized Elon Musk for selling bitcoin. Saylor has repeatedly emphasized the prospects of digital assets and the illogic of selling BTC when the asset’s value is falling.

According to Bitcoin Treasuries, the electric car manufacturer still has 10,800 BTC. Given the value of BTC at the time of writing, $ 21,090, Tesla’s digital assets are worth approximately $ 227 million. Musk also emphasized that Tesla «hasn't sold any Dogecoin» and remains «open» to future investments in cryptocurrencies.