Cryptocurrency
Tesla Sold Bitcoin in Q1 for Proceeds of $272M
Tesla Sold Bitcoin in Q1 for Proceeds of $272M Elon Musk’s electric vehicle company purchased $1.5 billion in BTC in February. Reported by CoinDesk.com “Tesla sold some of its bitcoin stash in the first quarter for $272 million in proceeds. The sale trimmed Tesla’s position by 10%, Tesla CFO Zach Kirkhorn said on an earnings call […]
Tesla Sold Bitcoin in Q1 for Proceeds of $272M
Elon Musk’s electric vehicle company purchased $1.5 billion in BTC in February.
“Tesla sold some of its bitcoin stash in the first quarter for $272 million in proceeds.
The sale trimmed Tesla’s position by 10%, Tesla CFO Zach Kirkhorn said on an earnings call Monday.
In the slide deck accompanying the company’s first-quarter earnings results Monday, Tesla mentioned the sale of some bitcoin:
“Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in ‘Restructuring & Other’ line) were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.”
Elon Musk’s electric vehicle company purchased $1.5 billion worth of bitcoin in February.”
Read the full article at CoinDesk.com