NEW YORK - Tesla reported solid quarterly earnings Wednesday despite a hit from Covid-19 lockdowns in Shanghai that Chief Executive Elon Musk said prompted the company to liquidate most of its bitcoin holdings.
Musk, who has generated recent headlines over his controversial withdrawal from a $44 billion acquisition of Twitter, said the company had navigated a tricky environment with the Shanghai closure and lingering supply chain problems that have raised costs.
For Bitcoin sale, during the quarter, Tesla liquidated about 75 percent of its holdings in bitcoin, the value of which has declined sharply in 2022.
The moves on bitcoin resulted in one-time costs of $106 million, said Chief Financial Officer Zachary Kirkhorn.
Musk attributed the move to the need to raise cash because of the uncertainty of when Shanghai operations would return.
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