Tesla reveals they have bought $1.5 billion of Bitcoin

Tesla’s journey into Bitcoin began in January 2021 when the company, led by CEO Elon Musk, announced that it had purchased $1.5 billion worth of Bitcoin. This move was a part of Tesla’s strategy to diversify its investments and maximize returns on its cash that was not required to maintain adequate operating liquidity.
 

The decision to invest in Bitcoin was approved by the Audit Committee of Tesla’s Board of Directors. The company’s investment policy was updated to provide more flexibility and the ability to invest in certain alternative reserve assets, including digital assets.
 

Tesla’s CFO, Zach Kirkhorn, explained that the company was looking for a place to store cash that wasn’t being immediately used, to get some level of return on this but also preserve liquidity.