- Tesla Inc (NASDAQ: TSLA) revealed that it has invested $1.5 billion in Bitcoin following an investment policy update. These are the details.
Tesla Inc (NASDAQ: TSLA) revealed that it has invested $1.5 billion in Bitcoin following an investment policy update. Shortly after this news was revealed, the price of Bitcoin increased from about $39,000 to over $43,000.
“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 long-term. 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,” said Tesla in a regulatory filing.
Last week, Tesla CEO Elon Musk seemed to be endorsing Bitcoin as he had the symbol on his Twitter profile. And over the weekend, Musk has been posting about Dogecoin, which is a different cryptocurrency that was originally based on a joke.
