Elon Musk's Tesla lost $140 million in Bitcoin in 2022

Elon Musk

Tesla has lost a whopping $140 million on its Bitcoin investments in 2022.

The electric car maker told the US regulator that it lost $204 million in Bitcoin in total, despite making $64 million through trading.

Tesla put $1.5 billion in Bitcoin in early 2021, with CEO Elon Musk saying it would be accepted as payment.

It reversed course a few weeks later, and Tesla has since sold most of its Bitcoin holdings.

It now holds about $184 million worth of Bitcoins.

Musk has been among the highest-profile champions of cryptocurrency.

Tesla's purchase of Bitcoin in February 2021 caused the cryptocurrency's price to rise by more than 25% to $48,000, a record high at the time.

It rose again in March 2021, when Musk tweeted that Tesla would allow customers to make car purchases using Bitcoin. This allowed people in the US to secure orders with the equivalent of a $100 deposit in Bitcoin.

But the cryptocurrency then fell by more than 10% two months later, when the firm backed out of that plan, citing climate change concerns.

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