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Tesla Motors invests $1.50 bn in bitcoin

U.S based electric vehicles company, Tesla Motors on Monday said, “It has invested an aggregate $1.50 billion in bitcoin.”

In a filing with the SEC, Tesla said, “In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy.” 

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“Moreover, we expect to begin accepting bitcoin as a form of payment for our products shortly, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt,” the filing said.

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