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Elon Musk's Tesla Loses $140m On Bitcoin In 2022

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According to the filing, Tesla has lost $140m (£113.5m) in 2022 on its bitcoin investment.

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The electric car maker told US regulators it lost $204m on bitcoin in total, although it has recovered $64m through trading.

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Tesla will put $1.5 billion in bitcoin in early 2021, with chief executive Elon Musk saying it will be accepted as payment.

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That all changed a few weeks later, and Tesla has since sold off more of his bitcoin holdings.

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Now it has only about $ 184 million worth of bitcoin left.

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Mr Musk has been one of the most high-profile champions of cryptocurrency, with his announcements on social media often accompanied by significant trading activity.

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Tesla's February 2021 purchase of bitcoin led to the cryptocurrency's price rising by more than 25% to $48,000 – a record high at the time.

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It spiked again in March 2021, when Mr Musk tweeted that Tesla would allow customers to make their car purchases using bitcoin. This enabled people in the US to secure orders equivalent to a $100 deposit in bitcoin.

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But the cryptocurrency later fell more than 10% two months later after the firm backed out of the plan, citing climate change concerns.

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According to the UK Treasury, bitcoin is estimated to account for around 39% of the UK's global annual energy consumption – and some estimates put the cryptocurrency even higher.

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