Bitcoin's price fell 1.7 percent. Tesla (TSLA) sold $ 936 million in bitcoin,

Bitcoin's price fell 1.7 percent. Tesla (TSLA) sold $ 936 million in bitcoin, A very big news update from Elon musk,s tesla 

Bitcoin's price fell 1.7 percent. Tesla (TSLA) sold $ 936 million in bitcoin,

Tesla sold $ 936 million worth of bitcoin in the second quarter

Bitcoin's price fell 1.7 percent.

Electric car maker Tesla (TSLA) sold $ 936 million in bitcoin (BTC), an increase of 75 percent in the second quarter, the company said in Wednesday's results report.

CEO Elon Musk said during Tesla's earnings appeal that the company was selling bitcoin to better advertise "the uncertainty surrounding the COVID-19 quarantine in China. not be considered a Bitcoin decision. " Mock also said Tesla does not sell Dogecoins.

Bitcoin fell 1.7% to $ 23,300 shortly after the earnings report but rebounded after Musk commented on the earnings call.

Tesla ended the second quarter with just $ 218 million in bitcoin (BTC), up from $ 1.26 million three months ago.

At the beginning of the quarter, the company owned approximately 42,000 bitcoins, so 75 percent of its $ 936 million revenue corresponds to an average sales of $ 29,000 for bitcoin. Bitcoin ended the second quarter at around $ 18,700, which means Tesla limited the big drop by selling its shares in the first quarter.

Tesla announced that it plans to buy 1.5 billion bitcoins by May 2021, raising the price of bitcoin. The company then reduced its Bitcoin exposure by 10% in the first quarter, bringing revenues to $ 272 million. Until the last announcement, I will not buy or sell any more bitcoins.

The company began accepting bitcoin as payment for cars in March, but Musk backed the decision six weeks later, citing concerns about the environmental impact of bitcoin mining.

Overall, Tesla posted second-quarter revenues of $ 2.27 on revenues of $ 16.9 billion, exceeding the analyst consensus of $ 1.81 on revenues of $ 16.5 billion. Tesla shares rose 0.7% in the morning trade to 746.78.

Tesla Musk is open to buying more bitcoins to make a profit after the second-quarter sell-off.

Tesla CEO Elon Musk said the tool could expand its presence in Bitcoin in the future but wants to expand its presence in the currency.

Electric car maker Tesla (TSLA) sold more bitcoins in the second quarter to bolster its currency after uncertainty over the coronavirus shut down in China, CEO Elon Musk said during a firm call on Wednesday.

But Musk is open to expanding Tesla's bitcoin stock in the future, saying second-quarter sales "should not be viewed as a decision to move to bitcoin" and that "we are all concerned about the company's cash flow." company. "and so on." Covid-19 crisis in China.

Tesla is not selling Dogecoin (DOGE), Musk said during the meeting.

Tesla sold $ 936 million worth of Bitcoin (BTC) in the quarter, representing 75 percent of its stake. Bitcoin ended the second quarter at nearly $ 18,700, with an average price of $ 29,000, avoiding a significant depreciation in the first quarter.

Bitcoin initially fell 1.7 percent to $ 23,300 in Tesla's second-quarter earnings report, which coincided with the sale news. But Musk downplayed the flaws when he spoke of the risk.