Elon Musk-owned electric car maker, Tesla offloaded about N380.230 billion worth of bitcoin in the second quarter of 2022, according to Coin Desk.
According to Tesla CEO, Elon Musk, the company sold most of its bitcoin to maximise its cash position due to the uncertainty of the COVID-19 lockdown in China.
Musk added that the company is open to increasing its bitcoin orientation in the future and said that this should not be seen as a ruing on bitcoin. He said the company has sold any dogecoin.
The Guardian reports that Tesla’s second-quarter income fell 32 per cent with the firm reporting about $26 net profit on Wednesday, July 20, 2022.
Musk had said he had a bad feeling about the economy and needed to sack some salaried workers.
The company has been struggling with global supply chain problems and economic issues. Tesla had earlier this quarter shut down its Shanghai Gigafactory temporarily due to COVID-19 restrictions which caused a drop in deliveries across the world.
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