Tesla and Bitcoin
Tesla sold 75 percent of its Bitcoin. Why did they do that? As payment, they accepted Bitcoin by investing $1.5 billion last year.
The price of Bitcoin slashed to one over six from the last quarter. So, Musk reasonably decided to add cash flow to back up decreased revenge (-30% from Q1) by selling Bitcoin in the quarter.
The other backup move of Tesla was raising the price of its car. It was necessary to deal with increased costs in raw materials.
Tesla is clearly facing turbulent times, tackling a limited production, shutdown, layoff, and closing a deal on Twitter.
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