Bitcoin Price Plunge to Drag Down Tesla’s Q2 Results

According to Caixin news agency, it is estimated that if the bitcoin price falls to $29,500 by the end of June, then the bitcoin held by Tesla will bring about $90 million loss to the company’s second quarter report. After Tesla bought and held $1.5 billion in bitcoin earlier this year, its financial statements have been closely tied to fluctuations in the bitcoin price. Once bitcoin falls and falls below its carrying cost, the company will take an impairment loss in its current quarterly report.

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