Tesla: bitcoin's fall results in some losses
(CercleFinance.com) - Tesla announced on Monday that it had incurred a 170 million dollar impairment loss in the first half of the year on its investment in bitcoin.
The electric vehicle maker - which has revealed it had invested some 1.5 billion dollars in the cryptocurrency in early 2021 - said the loss was partially offset by a 64 million dollar gain from converting bitcoin into other traditional currencies.
For the record, bitcoin value fell nearly 60% in the first six months of the year, a victim of rising interest rates, soaring inflation and geopolitical tensions.
From 47,687 dollars at the beginning of the year, bitcoin was trading at 19,785 dollars at the end of June.
However; the stock is relatively unscathed - down about 0.7% in the first hour of trading today.
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