Tesla’s Bitcoin losses rise to $170M in the first 9 months of 2022
The electric vehicle maker’s actual BTC losses are far lower, with $64 million worth of previously realized profits to offset the decline. According to Tesla’s latest Q3 earnings report filed with the United States Securities and Exchange Commission, the electric vehicle (EV) manufacturer disclosed that it has invested a total of $1.5 billion into Bitcoin (BTC) since early 2021. Of this amount, the firm is currently sitting at $170 million of unrealized loss from the change in the fair value of its investment. This is offset by a gain of $64 million from realized profits on Bitcoin at....
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Elon Musk’s electric vehicle company sold 75% of its BTC in the second quarter. The company’s overall profitability was impacted by inflation and the competition for battery cells. Tesla’s decision to offload most of its Bitcoin (BTC) treasuries netted the company a hefty profit in the second quarter, even as crypto prices plunged into a bear market.In the first six months of 2022, Tesla recorded $170 million of impairment losses “resulting from changes to the carrying value” of its Bitcoin holdings, according to an official Form 10-Q filing with the United States Securities and Exchange....
The announcement comes after a holiday weekend in which the price of bitcoin hit a succession of new all-time highs.
Brooks noted that the U.S. money supply will have risen 40% over the last 12 months once the most recent round of stimulus is done.
Overstock's shares rise following the announcement of its Q3 earnings report showing losses of over $3.9 million. Overstock, the leading online retailer known for its foray into the digital currency technology sector with T0.com saw its shares go up by over 19%. The good news follows the company’s Q3 earning report, which has been disappointing at best. The earnings report, published on Thursday shows that the company has lost over $3.1 million in the last three months. According to reports, Overstock’s revenues in the third quarter has been around $441.6 million, but the losses were due....