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Tesla Buys $1.5B in Bitcoin, Will Accept as Payment Soon

In a filing with the SEC, the EV maker said its investment in digital currency and other "alternative reserve assets" may grow.

Associated Press
Feb 8, 2021
Street View Of Tesla Motors Showroom With Cars Inside And Illuminated Logo Brandin At Dusk London Uk 803666444 2125x1417 (1)

NEW YORK (AP) — Tesla has acquired around $1.5 billion in Bitcoin under an investment policy at the electric car maker headed by Elon Musk, and it plans to begin accepting the digital currency as payment for vehicles soon.

The California company revealed the new strategy in a filing with the U.S. Securities and Exchange Commission early Monday, saying its investment in digital currency and other "alternative reserve assets" may grow.

Bitcoin spiked 14 percent and appeared to briefly hit a new all-time high. Shares of Tesla moved higher as well. In its fourth quarter earnings report last month Tesla said it had cash and cash equivalents of $19.4 billion.


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