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Tesla records $204M loss from bitcoin in 2022


Tesla recorded a $204 million impairment loss in 2022 on its bitcoin holdings, according to regulatory filings. The loss was offset by $64 million in profits from bitcoin trading, leaving the automaker with a net loss of $140 million.
Tesla had invested $1.5 billion in bitcoin during the first quarter of 2021, stating that it believed in the longevity of the cryptocurrency. At the time, the company said bitcoin was a great place to store cash and still access it immediately, all the while providing a better return on investment than more traditional central banks. In fact, after its initial purchase, Tesla promptly trimmed its position by 10%, making the automaker a quick $101 million.
In March 2021, CEO Elon Musk said Tesla would start accepting bitcoin as payments for Tesla vehicles, causing the price of the crypto to boom. A few weeks later, Musk and Tesla backpedaled on that dec …

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