Elon Musk’s electrical automobile firm, Tesla, is hodling bitcoin. The firm’s stability sheet exhibits $1.261 billion in digital property. Tesla has neither bought nor bought any crypto property for the reason that first quarter of final 12 months.
Tesla Continues to Hodl Bitcoin
Tesla launched its earnings outcomes for the primary quarter of 2022 Wednesday. Elon Musk’s electrical automobile firm reported one other file quarter of gross sales and revenue exceeding Wall Street estimates regardless of inflation stress.
The firm’s income rose 81% to $18.76 billion from $10.39 billion a 12 months in the past. Its earnings jumped 658% from $438 million within the earlier 12 months to $3.32 billion within the first quarter of this 12 months. “I’ve never been more optimistic and excited in terms of the future than I am right now,” Musk stated throughout Wednesday’s earnings name.
Amid file revenue, Tesla’s stability sheet exhibits web digital property of $1.261 billion.
Tesla’s Q1 2022 stability sheet. Source: Tesla
Tesla’s assertion of money flows nonetheless exhibits that the corporate’s solely buy of digital property occurred within the first quarter of final 12 months when it purchased $1.5 billion price of BTC. The solely sale of digital property additionally occurred in the identical quarter.
Tesla’s Q1 2022 assertion of money flows. Source: Tesla
In January, Tesla started accepting the meme cryptocurrency dogecoin for some merchandise. However, the corporate has but to convey again bitcoin as a fee choice.
Musk has stated that he sees bitcoin as a retailer of worth whereas dogecoin is healthier fitted to transactions. He beforehand revealed that he personally owns bitcoin (BTC), ether (ETH), and dogecoin (DOGE) — and won’t promote them.
The Tesla boss has lately made a suggestion to purchase Twitter Inc. with the intention to make “significant improvements” to the platform. The provide adopted him taking a 9.2% stake within the social media big. Musk has reportedly secured $46.5 billion to purchase Twitter.
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Kevin Helms
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