Tesla don sell most of im Bitcoin holdings

Tesla, wey make waves last year wen e reveal one ogbonge investment in Bitcoin, now don sell off most of im holdings of di cryptocurrency.

Di electric carmaker say e don offload 75% of im Bitcoin, wey bin worth about $2bn at di end of 2021.

E dey back away as di value of di cryptocurrency don fall yakata, falling by more dan 50% dis year.

Tesla say e bin buy traditional currency wit di $936m (£782m) from im Bitcoin sales.

Tesla boss Elon Musk dey among di ogbonge pipo wey be champions of cryptocurrency, wit im pronouncements on social media often driving significant trading activity.

Tesla's $1.5bn investment for Bitcoin, wey dem reveal in February 2021, ginger a surge of demand for di currency.

Di price of di notoriously volatile cryptocurrency go up last year to almost $70,000 in November before e den fall yakata..

One Bitcoin now trade for less dan $25,000.

Tesla last year stop to dey collect Bitcoin as payment for im cars, citing concerns about di climate impact of energy-intensive Bitcoin mining.

At di time, Mr Musk tok on social media say di company no go sell di Bitcoin wey be im own.

Another promise wey Musk don break

Last year, Elon Musk enta Twitter to outline Tesla's position on Bitcoin.

"Tesla no go sell any Bitcoin". Dat sound pretty emphatic.

Yet from di mouth of di world's richest person, we suppose dey take statements with not just a pinch but a shovel of salt.

We now know say one year after e Tweet dat, Tesla don sell most of im Bitcoin.

You fit dey notice a pattern here?

Whether na promising driverless tech or buying social media companies, Oga Musk's pronouncements no dey always come to pass.

Dat one neva seem to affect im business career, up to now.

But dis anoda reminder dat im words, wey fit move markets, no dey permanent.

Di move na yet more bad news for Bitcoin and crypto more generally. Musk na advocate of crypto, and don help ginger up currencies like Bitcoin and Dogecoin.

Oga Musk say dis no get any reflection on Bitcoin, and more about di need for cash.

But, e also call crypto a "side show to di side show". Not exactly a beta endorsement.

Tesla share di sale of di holdings as part of im regular quarterly update. E say Bitcoin na one of di factors wey affect im profitability.

However, di company report higher-dan-expected profit for di three months to di end of June as price increase of im best-selling cars help offset challenges, wey include lockdowns for China.

E also promise a "record-breaking second half" to di year.

Tesla say production at its factory in China rose to a monthly record as Covid-19 restrictions were lifted.

Oga Musk also tok say output increase for di company's newer factories for Germany and the US.

E bin previously call di sites for Berlin and Austin, Texas "gigantic money furnaces".

Tesladon fall by almost 40% dis year.