Tesla boss Elon Musk holds on to Dogecoin after the company sells 75% of its Bitcoin capital
Last year, Tesla made a $1.5 billion investment in
In the second-quarter (Q2) earnings call with analysts, Tesla Ceo Elon
"So it was important for us to maximise our cash position, given the uncertainty of the COVID lockdowns in China. We are certainly open to increasing our Bitcoin holdings in future. So this should not be taken as some verdict on Bitcoin," he noted.
Musk said that the company was concerned about overall liquidity for the company given shutdowns in China.
"And we have not sold any of our Dogecoin," he added.
Zachary Kirkhorn, Chief Financial Officer at Tesla, said the company converted a majority of Bitcoin holdings to
After less than two months of going bullish on Bitcoin, Tesla applied brakes on the popular cryptocurrency as a payment mode to buy its electric vehicles, citing environmental harm.
Musk then said that the electric car maker will not sell any Bitcoin and intends to use them for transactions as soon as mining moves to more sustainable energy.
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