Over the weekend, Elon Musk’s electric vehicle company Tesla filed an annual report with the U.S. Securities and Exchange Commission (SEC), revealing it held about $2 billion worth of Bitcoin as of December 31st.

⠀

The company first invested a total of $1.5B in bitcoin last February and later registered around $101 million in impairment losses due to bitcoin’s value.

⠀

"In the year ended December 31, 2021, we recorded approximately $101 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $128 million on certain sales of bitcoin by us," the filing said.

⠀

Tesla has had a rough relationship with bitcoin. Not long after the investment was revealed, Musk announced Tesla would accept Bitcoin as a form of payment to purchase its electric vehicles. By May, Musk went back on this due to concerns surrounding the environmental impact of bitcoin mining.

⠀

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇