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Tesla CEO Elon Musk. Photo: Justin Sullivan/Getty Images

Tesla has bought $1.5 billion worth of bitcoin and will begin accepting the cryptocurrency as payment for its products, the company announced in an SEC filing Monday.

Why it matters: Tesla would be the first automaker to accept bitcoin for payments, with the $1.5 billion purchase giving the company liquidity in the cryptocurrency once it starts allowing people to use it to buy products, per CNBC.

  • Shares of Tesla were up more than 2.5% percent in pre-market trading following the news, while the price of bitcoin surged to a record high of at least $44,200.

What they're saying: The move will allow Tesla to operate "with more flexibility to further diversify and maximize returns on our cash," the company wrote in the filing.

Yes, but: The news "raised immediate questions around CEO Elon Musk’s behavior on Twitter recent weeks," CNBC writes. Musk, who has faced SEC scrutiny for his tweets in the past, has encouraged people to invest in cryptocurrencies like bitcoin and dogecoin on the platform.

Go deeper

Mapped: Confederate monuments over time

Data: Southern Poverty Law Center; Note: There are some monuments with unknown dedication dates and they are not represented in the bar chart; Map: Michelle McGhee/Axios
Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Several states report zero COVID deaths for the first time in months — CDC says schools should still universally require masks and physical distancing.
  2. Politics: New York to lift mask mandate for vaccinated people — CDC director says politics didn't play a role in abrupt mask policy shift.
  3. Vaccines: Sanofi, GSK COVID vaccine shows strong immune response in phase 2 trials — Vaccine-hesitant Americans cite inaccurate side effects — 600,000 kids between 12 and 15 have received Pfizer dose since FDA authorization.
  4. Business: How retailers are responding to the latest CDC guidance — Delta to require all new employees be vaccinated — Target, CVS and other stores ease mask requirements after CDC guidance.
  5. World: World's largest vaccine maker expects to resume exports by end of 2021 — Biden administration to send 20 million U.S.-authorized vaccine doses abroad.
  6. Variant tracker: Where different strains are spreading.
3 hours ago - World

Scoop: Biden to waive sanctions on company in charge of Nord Stream 2

Angela Merkel (left) with Vladimir Putin. Photo: Adam Berry/Getty Images

The Biden administration will waive sanctions on the corporate entity and CEO overseeing the construction of Russia’s Nord Stream 2 pipeline into Germany, according to two sources briefed on the decision.

Why it matters: The decision indicates the Biden administration is not willing to compromise its relationship with Germany over this pipeline, and underscores the difficulties President Biden faces in matching actions to rhetoric on a tougher approach to Russia.