New Delhi: Tesla, the e-car company of Elon Musk, the world’s second-richest entrepreneur, made a strong investment of $ 1.5 billion in Bitcoin during January 2021. After this, by March, he earned $ 10.1 million from this cryptocurrency. The company reported in the March 2021 quarterly results that it had earned $ 10.1 million from the sale of bitcoin. Musk said that Tesla has sold 10 percent of its existing bitcoins. However, he has retained his personal investment in Bitcoin.
Tesla gave its customer’s payment facility in Bitcoin
Elon Musk said that the purpose of selling bitcoin is to prove its liquidity. Tesla announced a $ 1.5 billion investment in Bitcoin in January. The company also gave its customers the facility to make payments in Bitcoin. At first, Musk was not in favor of Bitcoin. Later he changed his opinion about this cryptocurrency. He said in an interview with the social app Clubhouse that he should have bought this digital currency 8 years ago. Musk said that bitcoin is a good thing. I have delayed investing in it, but I am a bitcoin supporter.
Tesla’s 74% jump in net income
The price of bitcoin had recently reached close to $ 65,000. Its price has increased 7 times in the last year. Tesla reported sales of $ 10.3 billion in the first quarter of FY 2020-21, while net income grew 74 percent to $ 43.8 million from a year earlier. The company said that in the first quarter of the year, it produced a record 1,80,338 cars and delivered 1,84,777 cars. Tesla plans to start its operations in India this year.
