16:08TESLA HAS MADE $1 BILLION FROM ITS BITCOIN INVESTMENT IN JUST 10 WEEKS
Tesla has already made more than $1 billion (£727 million) from the bitcoin investment it made in January, thanks to the cryptocurrency nearly doubling in price over the last 10 weeks.
The electric car maker used $1.5bn of its cash reserves to buy an estimated 48,000 bitcoins earlier this year, when the cryptocurrency was trading between $30,000 and $40,000.
When bitcoin hit a new all-time high of $64,863 this week, Tesla’s bitcoin holdings were briefly worth more than $3bn, though this has since retreated as the asset’s price dropped slightly. At the time of writing, bitcoin was trading at around $61,700.
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