Shares of Tesla Inc. TSLA,
swung back to a positive area, and was last up 1.7% in trading after the market, following reports that Chinese regulators had called it quits and an announcement that it had bought $ 1.5 billion worth of bitcoin. The manufacturer of electric vehicles also said in its 10-K submission to the Securities and Exchange Commission that it expects to soon accept bitcoin as a form of payment for products, subject to applicable laws. The purchase of bitcoin took place after the company updated its investment policy in January 2021 so that it could invest a portion of its cash holdings in certain “alternative reserve assets”, including digital assets, gold and gold exchange traded funds. The denial of the share followed an earlier dip, from a rise of as much as 1.1% to a drop of as much as 1.1%, after the Chinese state administration for market regulation convened Tesla on quality issues as consumers complained about abnormal acceleration, battery burning problems with its remote update system, reports The Wall Street Journal. Tesla’s share profit as ES00 futures contract,
for the S&P 500 SPX,
increased by 0.3% before the public.
