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According to Tesla’s latest third-quarter earnings report filed with the United States Securities and Exchange Commission, the electric vehicle manufacturer revealed that it had invested a total of $1.5 billion in Bitcoin (BTC) since the beginning of 2021. amount, the firm is currently with an unrealized loss of USD 170 million due to the change in the fair value of its investment.<\/strong> This is offset by a $64 million gain from gains made in Bitcoin at various points over the past two years, leading to a net loss of $106 million at the end of Q3.<\/p>\n Tesla’s losses did not materially affect its core operations, according to the filing. On a year-over-year basis, the electric vehicle maker’s profit grew 169% from $3.3 billion in the first nine months of 2021. However, Tesla says he only has about $218 million worth of Bitcoin on his balance sheet. <\/strong><\/p>\n Under accounting standards, digital assets are considered intangible assets with an indefinite life. As a result, any decrease in their fair values \u200b\u200bwill require Tesla to recognize impairment charges, while the firm does not make upward revisions for any price increase until a sale. <\/strong>With this beneficial tax treatment, losses can be deducted from profits to reduce taxes, while capital gains are not taxed until the time of sale. <\/p>\n Tesla CEO Elon Musk is well known in the cryptocurrency space for his support of digital assets, his affinity for memecoins like Dogecoin (DOGE), and his $44 billion ambition to take over the social media giant. Twitter. <\/strong>Throughout the ongoing acquisition, the billionaire tech celebrity has pledged to “remove spam and scam bots from the platform”, stating, “They make the product so much worse. If I had one Dogecoin for every crypto scam I see, we would have 100 billion Dogecoin.” <\/p>\n Clarification:<\/span> The information and\/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.<\/span><\/p>\n Keep reading:<\/strong><\/span><\/p>\n<\/div>\n Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" According to Tesla’s latest third-quarter earnings report filed with the United States Securities and Exchange Commission, the electric vehicle manufacturer revealed that it had invested a total of $1.5 billion in Bitcoin (BTC) since the beginning of 2021. amount, the firm is currently with an unrealized loss of USD 170 million due to the change<\/p>\n","protected":false},"author":63,"featured_media":477574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3394],"tags":[26676,3114,8010,4201,3772,15953],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvOTgyNDU2ZjgtM2FjOS00NzljLWEwNmEtODA0NjFiMTEyNTg4LmpwZw==.jpg","_links":{"self":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts\/477573"}],"collection":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/comments?post=477573"}],"version-history":[{"count":0,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts\/477573\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/media\/477574"}],"wp:attachment":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/media?parent=477573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/categories?post=477573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/tags?post=477573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}