Tesla's Bitcoin Bet More Profitable Than Full Year of Car Sales
According to Wedbush Securities, e-car giant Tesla has already made over $1 billion from its Bitcoin investment that was announced earlier this month.
In fact, the largest cryptocurrency turned out to be more profitable than the whole year of selling cars:
Tesla registered its first full year of profits in 2020, delivering more than 500,000 cars to its clientele.
The e-car manufacturer profited $721 million from its car sales, a striking difference compared to the $826 million the company lost in 2019. Its full-year revenue was $31.5 billion.
The Tesla stock rallied over 800 percent in 2020 in spite of the global pandemic as the company ramped up the production of its vehicles.
