SpaceX Invested $373M in Bitcoin and AI Technology in 2021-2022
SpaceX wrote down $373M worth of Bitcoin back in 2021-2022: Report

SpaceX Writes Down Bitcoin Value

The aerospace technology firm SpaceX reportedly wrote down the value of the Bitcoin it owns by a total of $373 million in 2021 and 2022 and may have sold all of its holdings.

According to a report from The Wall Street Journal on Aug. 17, SpaceX recorded the Bitcoin (BTC) holdings on its balance sheet at the value of $373 million and it is believed that the cryptocurrency has been sold.

It is yet to be confirmed if the entire $373 million stash was sold.

The Wall Street Journal reported that “SpaceX wrote down the value of the Bitcoin it owns by a total of $373 million in 2021 and 2022 and has sold the cryptocurrency.”

AI in Media and Elon Musk’s Role

SpaceX CEO Elon Musk recently made headlines when he announced that the firm had acquired a certain amount of Bitcoin. This news was followed by a filing from the U.S. Securities and Exchange Commission that showed Tesla — another company co-founded by Musk — planned to purchase $1.5 billion worth of the crypto asset. The announcement led to BTC reaching an all-time-high price of more than $43,000.

Documents on the firm’s financials reportedly revealed that SpaceX had roughly $5.2 billion in total expenses for 2022, and $5.4 billion in 2021 and 2022 for acquiring property and equipment in addition to research and development costs for AI development. Musk has often taken to social media to comment on certain cryptocurrencies, including Dogecoin (DOGE) and Bitcoin, even briefly changing Twitter’s then-blue bird logo to the DOGE shiba inu.

In October 2022, Musk purchased Twitter — later rebranded to X — for $44 billion. Since then, he has suggested that the platform could offer an ”entire financial world,” including banking and payment services. Tesla’s second-quarter 2023 earnings report revealed that the firm had sold all but $184 million worth of its Bitcoin holdings, liquidating more than30,000 BTC in the second quarter of 2022for $936 million — roughly 75% of its original $1.5 billion BTC holdings.

It is unclear when SpaceX reportedly sold its Bitcoin, but the crypto market experienced a major crash in 2022, resulting in the downfall of major companies such as Terraform Labs. Despite this, many technology firms and financial institutions continue to hold Bitcoin and other cryptocurrencies like crypto, elon musk ai, and people ai.

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