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Elon Musk’s Tesla Buys USD 1.5 Billion In Bitcoin, Company To Soon Accept Payments In Bitcoin

Bitcoin spiked 14 per cent and appeared to briefly hit a new all-time high. Shares of Tesla moved higher as well.

Elon Musk’s Tesla Buys USD 1.5 Billion In Bitcoin, Company To Soon Accept Payments In Bitcoin
Tesla CEO Elon Musk introduces the Cybertruck at Tesla's design studio in Hawthorne, California | AP File Photo
Elon Musk’s Tesla Buys USD 1.5 Billion In Bitcoin, Company To Soon Accept Payments In Bitcoin
outlookindia.com
2021-02-08T19:59:19+05:30

Tesla has acquired around USD 1.5 billion in Bitcoin under an investment policy at the electric car maker headed by Elon Musk, and it plans to begin accepting the digital currency as payment for vehicles soon.

The California company revealed the new strategy in a filing with the U.S. Securities and Exchange Commission early Monday, saying its investment in digital currency and other “alternative reserve assets” may grow.

Bitcoin spiked 14 per cent and appeared to briefly hit a new all-time high. Shares of Tesla moved higher as well.

In its fourth quarter earnings report last month Tesla said it had cash and cash equivalents of USD 19.4 billion.

 

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