Tesla Stocks Fall After Selling Bitcorn

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Tesla’s stock price has fallen by about 4.5% after it revealed in a filing with the securities and exchanges commission that they sold some of their bitcoin “During the three months ended March 31, 2021, we purchased and received $1.50 billion of bitcoin,” Tesla said, adding: “During the three months ended March 31, 2021, we recorded $27 million of impairment losses on bitcoin. We also realized gains of $128 million through sales during the three months ended March 31, 2021. Such gains are presented net of impairment losses in Restructuring and other in the consolidated statement of operations. As of March 31, 2021, the carrying value of our bitcoin held was $1.33 billion, which reflects cumulative impairments of $27 million. The fair market value of bitcoin held as of March 31, 2021 was $2.48 billion.” Tesla bought $1.5 billion worth of bitcoin in February when its price was about $40,000.…

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