Tesla sells 75% of its bitcoin as profits slump due to production challenges
by Johana Bhuiyan in New York from on (#61ME2)
CEO Elon Musk said the cryptocurrency sale was to maximize its cash position only, but prices still slid after Wednesday's report
Tesla's second quarter of 2022 came to a shaky end as the electric carmaker reported a drop in profit after it struggled to meet demand due to a shutdown of its Shanghai factory and production challenges at new plants. The company also sold 75% of its bitcoin holdings, leading to a slide in the cryptocurrency price.
Tesla's second-quarter profit fell 32% from record levels in the first quarter, with the company reporting a $2.26bn net profit on Wednesday.
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