Billion-Dollar Bet, Payment U-Turn, and a Risky Cash Out

Amidst the rollercoaster ride of early 2021’s market frenzy, Tesla embraced the world of cryptocurrencies, plunging headfirst into the crypto craze with a $1.5 billion investment in bitcoin. It seemed like a match made in financial heaven when the visionary company even hinted at accepting digital currency as payment for their sleek electric vehicles.

However, caution set in as the cryptocurrency market experienced scorching price fluctuations. It decided to tap the brakes and retract their plans of accepting Bitcoin as payment. A year later, the company cashed out a staggering $936 million from its Bitcoin position, trimming its once-impressive portfolio by a whopping 75%.

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