Tesla reveals it sold approximately 75% of its Bitcoin holdings in Q2 2022, converting roughly $936 million worth of BTC back to fiat. Elon Musk said the sale was due to uncertainty around COVID lockdowns in China and the need for cash liquidity.
The news rattled markets but Bitcoin absorbed the selling pressure. The move came after Tesla had previously stopped accepting Bitcoin for vehicle purchases, citing environmental concerns about mining energy usage — a claim that drew significant pushback from the Bitcoin community.
Wikipedia: History of Bitcoin