Shares Tesla Inc. TSLA,
surged back into positive territory, and had last surged 1.7% in premarket trading, after reports of it being recalled by Chinese regulators and a revelation that it bought $ 1.5 billion worth of bitcoin. The electric vehicle manufacturer also said in its 10-K filing with 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 law. . Bitcoin’s purchase came after the company said it updated its investment policy in January 2021 to allow it to invest some of its cash reserves in certain “alternative reserves,” including digital assets, gold and exchange-traded gold funds. The stock’s rebound followed a previous plunge, from a whopping 1.1% gain to a whopping 1.1% decline, after China’s state market regulation administration called Tesla on quality issues over consumers complaining of abnormal acceleration , battery fire and problems with the external update system, The Wall Street Journal reported. Tesla’s equity earnings come as futures ES00,
for the S&P 500 SPX,
rose 0.3% for the open.