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HomeTeslaTesla's bitcoin holdings bite the dust "slightly" - 7/25/2022 at 2:51 PM

Tesla’s bitcoin holdings bite the dust “slightly” – 7/25/2022 at 2:51 PM

(AOF) – Tesla recorded a $170 million impairment charge on its bitcoin and dogecoin holdings in the first six months of the year. The US automaker assessed the value of its remaining digital assets at $222 billion as of June 30. This is what the group indicates in a document registered with the Securities and Exchange Commission (SEC) on Monday. He nevertheless recorded a gain of $64 million by converting his cryptoassets into fiat currency.

On a conference call with investors, Elon Musk, the company’s chief executive, said last week that “the reason we sold some of our bitcoin holdings was that we weren’t sure about the date on which the containment measures linked to the health situation in China were going to ease”.

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A paradoxical performance

Data from EY highlights that the performance of the world’s top 16 manufacturers was particularly strong in 2021. While the average margin has fallen for three years in a row, from 6.3% in 2017 to just 3.5% in 2020 , this margin stood at 8.5% in 2021. This level is a record for ten years. However, the context was particularly hectic for manufacturers, faced with unprecedented shortages of components. Global sales fell 14% in 2020, the year of the health crisis, to rebound by only 5% in 2021. However, last year, players were able to reap the benefits of their efforts on their fixed cost structure. .

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