With Bitcoin’s price dipping to below $30,000, Tesla is now sitting on a loss of $90 million for the second quarter.
Due to ‘impairment’ costs, the Elon Musk-led company will have to show the loss even if Bitcoin’s price manages to recover before June 30.
This may also mean that Musk will inevitably have to sell off a portion of the company’s Bitcoin holdings in the next quarter, provided prices pick up, in order to square off this quarter’s losses.