According to Musk, he isn't trying to hodl his company.
The electric car company disclosed in its Q2 earnings report that it has sold 75% of its holdings of the virtual currency. It appears that the company has lost $150 million on its bet on thecryptocurrencies.
The value of the company's digital assets is $218 million.
In February of last year, the company announced that it had purchased 1.5 billion worth of thecryptocurrencies with its balance sheet capital, and that it would accept the payment of its vehicles with the digital currency. Musk's announcement sent the market into a frenzy and made him a defacto leader in the industry. Much of the community's goodwill was reversed when he suddenly announced that they were abandoning their plans to acceptcryptocurrencies.
The company's selloff comes after a steep decline in the price of Cryptocurrencies, which Musk has personally supported in his social media postings.
Musk said in an earnings call that the reason for the sale was to maximize cash positions during the uncertainty of China's COVIDs. He did not say how much he owned Doge coin.
We are willing to increase our holdings in the future. This shouldn't be taken as a judgement on the digital currency. The company has not sold any of its Doge coins, but Musk said they still have it.
The Q2 earnings report did not affect the stock price at the time of writing.
Rebecca Bellan made a contribution.
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