Tesla, an electric car company run by Elon Musk, sold the majority of its bitcoin holdings in the second quarter of 2022. Which according to Musk was done in order to boost its cash position given the uncertainty around Covid lockdowns in China. He said this at the company’s earnings call on Wednesday.
Despite selling majority of its Bitcoin asset to boost the company’s cash position; Musk is not dismissing the possibility of buying them back in the future. He said Tesla is open to increasing its bitcoin holdings again in the future and noted that the second-quarter sale.
According to Musk during the conference call, he emphasized that the sale was mainly; “about overall liquidity for the company given Covid shutdowns in China”. He also mention that Tesla did not sell any of its Dogecoin holdings.