Tesla lost $140m on Bitcoin in 2022
According to SEC filings, Tesla lost $140m on its Bitcoin investments in 2022, losing $204m overall, although it gained back $64m through trading. The company holds $184m in Bitcoin, having offloaded most of its initial £1.5 billion purchase a few weeks after it was purchased in early 2021.
Tesla stock drops nearly 10% over continued price cuts
Tesla stock (TSLA) drops nearly 10%, nearly $50 billion in market capitalisation, after Musk says the electric vehicle manufacturer will keep cutting prices in a bid to drive up demand in a weak economy. Focusing on sales growth rather than immediate profit, Musk said:
We’ve taken a view that pushing for higher volumes and a larger fleet is the right choice here versus a lower volume and a higher margin.
With this drop, Tesla’s market capitalization ending below Meta Platforms’ for the first time since 2021.