Tesla, Elon Musk’s electric vehicle company, has sent a file to the US Securities and Exchange Commission (SEC) explaining how its digital assets can affect its profitability. The filing in question included approximately $101 million in impairment losses due to changes in the value of Tesla’s Bitcoin assets in 2021.
Tesla Mentioned Bitcoin in File Submitted to SEC
The world-famous electric vehicle giant Tesla has been closely interested in cryptocurrencies for a long time. So much so that the CEO of the company, Elon Musk, makes periodic posts on this subject. If you remember, Tesla emphasized that in the first quarter of 2021, it invested a total of $ 1.5 billion in Bitcoin.
This time, Tesla mentioned Bitcoin in a file he sent to the US Securities and Exchange Commission (SEC). According to the file, Tesla suffered an estimated $101 million in impairment losses over the course of 2021 as a result of the change in value in Bitcoin.
In addition, the file sent by Tesla includes the following statements:
“For the year ended December 31, 2021, we recorded approximately $101 million in impairment losses resulting from changes in the book value of our Bitcoin and $128 million in gains from certain Bitcoin sales by us.”
To elaborate on the impairment loss; The carrying amount of an asset or cash-generating unit in excess of its recoverable amount.
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