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Tesla's Bitcoin Holdings Exceed $1 Billion as Bitcoin Hits $89,560; Stock Surges 8%

Nov 12, 2024, 12:07 PM

Tesla's strategic investment in Bitcoin has proven profitable as the company's holdings exceed $1 billion in value. Tesla currently holds 11,509 BTC, which has appreciated significantly due to Bitcoin's price surge past $89,560. The electric vehicle maker's stock surged 8% after hours, reflecting investor optimism fueled by the cryptocurrency's rally and pro-crypto sentiment following the presidential election. Tesla initially invested $1.5 billion in Bitcoin in 2021, and its holdings have now doubled in value since the beginning of the year. The company's Bitcoin holdings increased by nearly $97 million in just days, and Tesla recently moved $765 million worth of Bitcoin to a new wallet. Additionally, combined Bitcoin holdings of Tesla and SpaceX, both led by Elon Musk, now total $1.73 billion.