In February of 2021, the company announced that it was going to sell cars using the digital currency, and that it was going to buy a large amount of the currency.
With the investment spiking in value by an impressive $1 billion by October, this year's crash brought the assets crashing down to Earth, with the value of Bitcoin halving since the beginning of the year.
In another sign that major players are starting to grow wary of an impending "Crypto winter", the British Broadcasting Corporation reports that the electric company has sold 75 percent of its remaining holdings of the digital currency.
According to one analyst, the company may have lost half a billion dollars on its investments in the digital currency.
Despite making $936 million in cash revenue from the sale, the company barely met expectations in the second quarter. Revenue of $16.88 billion was expected by investors.
At the time of the investment, one Bitcoin was worth $43,000. The token went to a record high of over $70,000 in the autumn, at least in part due to Musk's endorsements.
Then the crash happened. The token is close to the $22,500 mark.
The company has been hurt by other sources, with Musk raging about supply issues and laying off a lot of staff.
Due to Musk's failed attempt to buy the social networking site, the stock of the company is down over 30 percent this year.
Musk had a complicated relationship with Cryptocurrencies. He's confessed his love for joke crypts like Dogecoin while also writing off the real thing as a sideshow. Is it the end of his relationship with the OG token?
It is clear that the sell off ofTesla won't help the situation. The currency has plummeted over the last 24 hours.
Most of the holdings of Musk's company have been sold.
The United States are now using as much power as Houston.
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