Tesla bought $1.5 billion worth of Bitcoin

Elon Musk wasn't playing when he recently changed his Twitter bio to "#bitcoin."

According to a SEC filing by Tesla, the company has purchased $1.5 billion worth of Bitcoin. 

"In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity," the filing reads.

"As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or longterm." Read more...