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Tesla (TSLA) Discloses $1.5B Investment in Bitcoin
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investopedia.comBitcoin (BTCUSD) may have received its biggest backer yet. Electric car maker Tesla, Inc. (TSLA) has invested $1.5 billion in Bitcoin and will soon begin accepting payments for its cars in Bitcoin «subject to applicable laws and initially on a limited basis,» according to its filing with the Securities and Exchange Commission (SEC). The company stated that the purchase was made after a change in investment policy last month that allowed «more flexibility to further diversify and maximize returns» on cash not required for operations. The Palo Alto, California-based outfit had $19.38 billion in cash and cash equivalents on its books at the end of 2020.
Tesla is the first S&P 500 company to invest in Bitcoin and joins a growing list of
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