Tesla execs reveal the company has sold 75 percent of its Bitcoin holdings, adding $936 million in cash to its balance sheet.

Last year, Tesla made a $1.5 billion investment in Bitcoin and announced that it would accept Bitcoin as payment. Tesla started accepting Bitcoin in late March, then abruptly reversed itself in May, just 49 days later.

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During an investor call, Musk addressed the crypto selloff, saying that it “should not be taken as some verdict on Bitcoin.” Instead, he said, Tesla sold its Bitcoin because it was “concerned about overall liquidity of the company given COVID shutdowns in China.” Basically, Tesla needed the cash. “We have not sold any of our Dogecoin,” Musk said, later going on to call cryptocurrency “a sideshow to the sideshow.”

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