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Tesla Sold Most of Its Bitcoin to Shore Up Carmaker’s Liquidity

  • Cryptocurrency extended decline after carmaker disclosed sale
  • Musk became a major influencer for digital currency last year
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Tesla Second-Quarter Profits Top Estimates
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Tesla Inc. sold a significant chunk of its Bitcoin holding, an investment that helped legitimize the world’s largest electronic currency.

The carmaker had converted roughly 75% of its Bitcoin to fiat currency as of the end of June, adding $936 million of cash to its balance sheet, according to its shareholder letter on second-quarter earnings. Chief Executive Officer Elon Musk said on a call with analysts that the company sold due to uncertainty as to when Covid shutdowns would lift in China.