Tesla Shares Inc. TSLA,
returned to positive territory and rose 1.7% in premarket trade, following reports of the convening of Chinese regulators and the disclosure 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 hopes to begin accepting bitcoin as a form of payment for products “in the near future,” subject to applicable laws. The purchase of Bitcoin came after the company said it 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 funds traded in gold exchange. The rebound in shares 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 the regulation of the market convened Tesla on quality issues as consumers complained of abnormal accelerations, Problems with its remote upgrade system, reported The Wall Street Journal. Tesla stock gains come as futures ES00,
for the S&P 500 SPX,
increased 0.3% ahead of the open.