Tesla, Elon Musk’s electric car company, is a bitcoin collector. Digital assets are valued at $1.261 billion on the company’s balance sheet.
Tesla hasn’t sold any Bitcoin
Since the first quarter of last year, Tesla has neither bought nor sold any crypto assets.
Tesla’s earnings for the first quarter of 2022 were revealed on Wednesday.
Despite inflation pressure, Elon Musk’s electric car company reported another record quarter of sales and earnings, topping Wall Street projections.
Revenue increased by 81 percent to $18.76 billion from $10.39 billion the previous year.
Its earnings increased by 658 percent in the first quarter of this year, from $438 million the previous year to $3.32 billion.”I’ve never been more positive and enthused about the future than I am right now,” Musk added.
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Elon musk has No plans to sell these digital assets
Tesla’s statement of cash flows still states that the company’s single acquisition of digital assets was $1.5 billion in BTC in the first quarter of last year.
Tesla started accepting the meme cryptocurrency dogecoin for some items in January. Bitcoin, on the other hand, has yet to be reinstated as a payment option by the corporation.
According to Musk, bitcoin is better suited for the storage of wealth, but dogecoin is better suited for transactions. He previously stated that he owns bitcoin (BTC), ether (ETH), and dogecoin (DOGE) and has no plans to sell them.
Tesla CEO Elon Musk has made a bid to purchase Twitter Inc. with the goal of making “major changes” to the website The offer came after he purchased a 9.2 percent share in the social media behemoth. Musk is rumored to have acquired $46.5 billion to purchase Twitter.
Source: https://www.thecoinrepublic.com/2022/04/24/teslas-balance-sheet-revealed-a-hold-of-1-26b-in-digital-assets/