Tesla Loses Money on Bitcoin Bet

The few established companies that have added bitcoin to their balance sheets are now beginning to see this investment go awry. 

This now takes in Tesla  (TSLA) – Get Tesla Inc Report, the market leader in high-end electric vehicles.

Tesla invested $1.5 billion in virtual currency on Feb. 8, 2021, and said it was beginning to accept it as payment for buying Tesla cars. 

The move came days after Chief Executive Elon Musk temporarily changed his Twitter mini-description to simply #bitcoin. The announcement was a mark of confidence in cryptocurrency.

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