Tesla sells 75% of its Bitcoin holdings after Musk said he doesn't dump

Tesla Inc. sold a significant chunk of its Bitcoin holding, an investment that helped legitimize the world’s largest electronic currency.

The carmaker had converted roughly 75% of its Bitcoin to fiat currency as of the end of June, adding $936 million of cash to its balance sheet, according to its shareholder letter on second-quarter earnings. Chief Executive Officer Elon Musk said on a call with analysts that the company sold due to uncertainty as to when Covid shutdowns would lift in China.

“This should not be taken as some verdict on Bitcoin,” Musk said. “It’s just that we were concerned about overall