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.
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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.
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"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.
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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.
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