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Tesla Rocks Bitcoin Market With $1.5 Billion Purchase

Tesla announced in an SEC filing Monday that it has invested $1.5 billion in bitcoin. “We invested an aggregate $1.50 billion in bitcoin and may acquire and hold digital assets from time to time...
Tesla Rocks Bitcoin Market With $1.5 Billion Purchase
Written by Rich Ord
  • Tesla announced in an SEC filing Monday that it has invested $1.5 billion in bitcoin. “We invested an aggregate $1.50 billion in bitcoin and may acquire and hold digital assets from time to time or longterm.” Tesla also announced that they will accept bitcoin as payment going forward. “Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”

    This news rocked the bitcoin market causing bitcoin prices to soar to record heights. For the first time ever bitcoin moved above $43,000 and currently (as of this writing) sits at $43,735.84.

    Tesla SEC Filing:

    In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not
    required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may
    invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified
    in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or longterm. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a
    limited basis, which we may or may not liquidate upon receipt.

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