Another promise of musk was broken, Tesla's Elon Musk is selling most of its bitcoin holdings.

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Another promise of musk was broken, Tesla's Elon Musk is selling most of its bitcoin holdings.

Another promise of musk was broken, Tesla's Elon Musk is selling most of its bitcoin holdings.

Tesla, which attracted attention last year for a major investment in Bitcoin, has now sold most of its cryptocurrency holdings.

Electric car companies will own 75% of Bitcoin, worth around $ 2 billion (£ 1.7 billion) by the end of 2021.

Cryptocurrency values ​​are on a downward trend, falling over 50% this year.

Tesla said it bought $ 936m (£ 782m) of the traditional currency in a bitcoin sale.

Tesla CEO Elon Musk is one of the cryptocurrency promoters that often generates significant business through social media manifestos.

Tesla's $ 1.5 billion investment in Bitcoin, which began in February 2021, has fueled demand for the coin. The price of the highly volatile cryptocurrency rose to around $ 70,000 in November.

Another promise of musk was broken

Last year, Elon Musk made clear Tesla's position on Bitcoin via Twitter.

"Tesla does not sell bitcoins" sounds too impulsive.

But for the words of the world's richest man, must take with a grain of salt.

Whether it's promising drone technology or acquiring a social media company, Musk's pitches are not always right.

Until now, it seems not to interfere with his business career.

But there is another reminder that your market momentum is not talking.

This move is bad news for Bitcoin and cryptocurrency in general. Musk is a fan of cryptocurrency and has helped promote coins such as Bitcoin and Dogecoin.

Musk said he needed money, not a reflection of Bitcoin.

However, he also referred to cryptocurrencies as "a follow-up." It's not really a phone license.

Tesla shared the sale of his holdings as part of his regular quarterly update. Bitcoin is seen as one of the factors hurting profitability.

However, it announced that it had generated better-than-expected earnings in the three months to the end of June. The price hike for his best-selling vehicle has helped the company overcome problems, including shutdowns in China.

He also allowed a record second half this year.

Tesla says production at its Chinese factories has reached its highest level of the month as Covid-19 restrictions were lifted.

Musk also said that production had increased at the company's new factories in Germany and the United States.

He had previously described the scenes in Berlin and Austin, Texas, as a "big money furnace".

Tesla shares have fallen nearly 40% this year.