It is not surprising to anyone that the fame of cryptocurrencies has grown considerably in recent years. And it seems that not even the billionaire Elon Musk was able to stay out of this. Until now.
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According to the recent news, Musk ended up selling a large part of his holdings in the cryptocurrency.
It is estimated that Musk's savings was valued at $2 billion by the end of 2021, however, the company has sold 75% of the currency's funds that he owned, which is equivalent to approximately $936 million today, according to an earnings report taken in the second quarter of 2022.
But, as it seems, in recent days the value of the cryptocurrency has plummeted considerably, reaching 50% less than last year. In view of this, it is easy to understand why the billionaire sold a large part of his holdings.
“The reason we sold a bunch of our Bitcoin holdings was that we weren't sure when the Covid lockdowns in China would be eased,” Musk said on a conference call. “So it was important for us to maximize our cash position given the uncertainty of China's Covid lockdowns,” he adds.
Elon Musk is among the top cryptocurrency rankings. On several occasions he spoke on his social networks, causing commercial activity to move significantly.
In mid-February 2021, it was announced that Tesla had invested approximately $1.5 billion in Bitcoin, which caused a huge increase in demand for the currency.
However, it is necessary to remember that Bitcoin's value is very fickle and rose to almost $70,000 in November 2021 only, before starting to plummet again.
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