TESLA IS UP OVER $1 BILLION ON BITCOIN INVESTMENTS BY ELON MUSK

As the price of Bitcoin approaches $58,000 for the first time since early May, Elon Musk’s Tesla is now over $1 billion in the black on its Bitcoin investment.

As the price of Bitcoin approaches $58,000 for the first time since early May, Elon Musk’s Tesla is now over $1 billion in the black on its Bitcoin investment.

Tesla now has 43,200 BTC, which is worth approximately $2.5 billion at the time of writing. When the business initially added Bitcoin to its balance sheet in February, it purchased about $1.5 billion in Bitcoin.

Tesla sold 10% of its Bitcoin assets in Q2 for an average price of $50,000 per unit. Tesla CEO Elon Musk subsequently clarified on Twitter that the company sold 10% of its BTC holdings to demonstrate the asset’s liquidity and feasibility as a cash alternative on its balance sheet.

Tesla reported $128 million in profit from its Bitcoin sale in its second quarter financial report.

Since its original Bitcoin investment, the carmaker has made a 65 percent profit, or $1 billion. This is the same amount of money it made by selling 201,250 automobiles in the second quarter. Bitcoin is now reported as intangible assets by corporations that aren’t investment firms, such as Tesla. This implies that Bitcoin is recorded on…