This Week's Weird News 10/22/21 Tesla took a $51 million hit on its bitcoin investment in Q3 despite the token soaring 30%. Here's why?

Tesla posted solid third-quarter earnings on Wednesday night, with profit and revenue up sharply. But Elon Musk's electric car company took a $51 million hit on its bitcoin investment - despite the token jumping around 30% in the third quarter. Confused?

The answer to the riddle lies in the weird way Tesla has to account for the more than $1 billion of bitcoin on its books.