Tesla Bought $1.5 Billion Worth of Bitcoin | 22 Words

Tesla has today announced their latest investment - and it is every part as eccentric as you'd expect it to be.

Keep scrolling to find out the big reason behind their eye-opening spend...

Now, we all know Tesla is a wildly successful company.

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Elon Musk's company has been paving the path for the future of electronic travel for the last decade.

With products currently including electric cars, battery energy storage, and solar panels...

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It's one of the world's leading car manufacturers.

Tesla has become known for its state of the art engineering...

With it unveiling some very impressive vehicles during Elon Musk's time as CEO.

But the impressive vehicles haven't come without their mistakes.

Who remembers the infamous Cybertruck disaster?

When unveiling the Cybertruck, Elon Musk claimed that the automobile was unbreakable.

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And he was so confident in the shatterproof design, he asked Tesla design chief Franz von Holshausen to throw a ball at the Cybertrucks window.

Well, maybe he threw it "a little hard"...

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The ball completely shattered the Cybertrucks supposedly shatterproof glass and ultimately made Musk look like a bit of an idiot, to say the least.

"It worked in rehearsals..."

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After the fail during the presentation, Musk tweeted a video made earlier, when they had successfully practiced the stunt.

Inevitably, the incident led to people mocking Tesla...

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And Musk's presentation seemed to have seriously damaged Tesla's reputation.

Not that Musk seemed to care, however.

He is certainly a man who knows what he's doing...

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And, even if we don't like the Cyber truck design, we can bet that they're the start of a new era in automobile design.

He certainly wasn't finished with the Cybertruck...

Shortly afterward, Tesla unveiled its Tesla Roadster sports car for the first time at the European Grand Basel motor show.

The design had been highly-anticipated...

The Roadster, an all-electric 4-seater machine that Tesla claims has a top speed exceeding 250mph, was revealed last year and the firm displayed it in public for the first time at the Swiss event... Although the white model on display appeared to be a design shell.

It is a very fast model...

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Tesla said the launch version, first confirmed during the launch event for the new Tesla Semi lorry in California,  will feature 10,000nm of torque (7376lb ft) from 3 motors. It can hit 60mph in 1.9 seconds, half-a-second quicker than the current fastest-accelerating Tesla, the Model S P100D.

Who doesn't love a fast car?

But at the end of the day, speed isn't everything when it comes to a safe vehicle - but, thankfully, Tesla prides itself on the safety of all their models, regardless of their speed.

So, it's safe to say...

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Tesla is worth a lot of money.

And, as of 2020...

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The company was worth even more money.

In the year that many people lost their jobs, Tesla made $721 million...

Ultimately raising the company value to more than $800 billion. But it hasn't always been a smooth ride for the company...

In the year prior, Tesla experienced a loss of $862 million.

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And even 2020 fell short of expectations, as Tesla's fourth-quarter earnings - October to December - did not reach what was expected.

Still, the year as a whole was a great success with sales for Tesla vehicles rising by thirty-six percent.

They delivered more than 180,000 vehicles during the fourth-quarter which beat the record, though it did narrowly miss a target to ship 500,000 for the year as a whole.

This is still good going considering the factory doors were shut for months due to COVID-19.

And this week, they have clearly been spending their 2020 profits...

The company announced today that it has bought $1.5 billion worth of bitcoin.

Is this the most Elon Musk purchase of all time?

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Perhaps so.

In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for "more flexibility to further diversify and maximize returns on our cash."

Tesla also said it will start accepting payments in bitcoin in exchange for its products...

Which would make them the first major automaker to do so.

Make sure to stay posted for further updates.