Arab Press

بالشعب و للشعب
Wednesday, Oct 01, 2025

0:00
0:00

Elon Musk swore in March not to sell any Bitcoin, but Tesla cashed out 75% of its Bitcoin holdings amid the crypto winter just months later

Tesla converted most of its Bitcoin holdings into fiat last quarter, netting $963 million, an implied loss of just around $160 million from its initial investment. Musk said before the quarter began that he’d never sell Bitcoin.

Electric vehicle maker Tesla sold $936 million worth of Bitcoin, 75% of its holdings, in the second quarter, according to a shareholder deck released in anticipation of its earnings call on Wednesday.

The company, led by the world’s richest man, Elon Musk, had just $218 million in Bitcoin remaining on its balance sheet, compared to $1.26 billion in the first quarter.

Tesla’s first investment in Bitcoin was in the amount of $1.5 billion last February, and the current disclosure represents its largest Bitcoin sale.

With the cryptocurrency trading down nearly 66% from its highs of about $69,000 per token last November, many investors have been feeling the pain. Musk seems to have timed the market well, as a rough calculation implies Tesla lost only around $162 million from its initial Bitcoin investment, based on the difference between its $936 million conversion of Bitcoin into fiat and 75% of its initial $1.5 billion outlay, which comes to $1.125 billion.

Yet the sale is still a departure from the bullishness Tesla has shown for the crypto in the past. In its first-quarter earnings Tesla reiterated its commitment to the world’s most popular cryptocurrency.

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash,” the company wrote in its first quarter earnings.

On March 14, Musk tweeted he would hold onto the cryptocurrencies he owned.

“I still own & won’t sell my Bitcoin, Ethereum, or Doge fwiw,” he tweeted at the time.


In late June, presumably with most of Tesla’s Bitcoin holdings sold by that point, Musk changed his tune. In an interview with Bloomberg at the Qatar Economic Forum, he said, “I have never said that people should invest in crypto.” He added that he still supported Dogecoin because “people who are not that wealthy” had asked him to.

Absent from that talk was any plug for Bitcoin.

Although Musk mentioned at the time that Tesla and SpaceX had bought Bitcoin, he said “It’s a small percentage of our total cash and cash assets.”

The price of Bitcoin dropped about 2% on the news of Tesla’s fire sale. Bitcoin prices are still up about 18% over the past seven days as the cryptocurrency jumped out of the $20,000 range it had been trading at since mid-June.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
×