Operates Tesla Inc. TSLA,
returned to positive territory and grew 1.7% in premarket trading, following reports of the convening of Chinese regulators and the revelation that it bought bitcoin worth $ 1.5 billion. The electric vehicle maker also said in its 10K submission to the Securities and Exchange Commission that it expects to begin accepting bitcoin as a form of payment for products “in the near future”, subject to applicable laws. The acquisition of bitcoin came after the company said it had updated its investment policy in January 2021 to be able to invest some of its cash holdings in certain “alternative reserve assets”, including digital assets, gold and traded funds. on the stock exchange. The stock jump followed a previous dip, from a gain of up to 1.1% to a decline of up to 1.1%, after the Chinese state administration for market regulation convened Tesla on quality issues because consumers have complained of abnormal acceleration, battery fire and problems with its remote upgrade system, The Wall Street Journal reported. Tesla earnings come as ES00 futures,
for the S&P 500 SPX,
increased by 0.3% before opening.