But his electric vehicle company Tesla is facing a loss of $90 million in the second quarter after Bitcoin’s price dropped below $30,000 on June 23.
Tesla is one of the few companies which has a sizeable holding of Bitcoins.
Tesla’s Bitcoin holdings were valued at $2.84 billion as on March 31, 2021, as per its first quarter earnings report.
The top cryptocurrencies by market value — including Bitcoin, Ether and Dogecoin — started to crash on June 22, following news of a crackdown in China, CNBC reported.
Musk has been shaking up the crypto world with his outbursts and flip-flops on Twitter.