December 4, 2022

Dubai Week

Complete Dubai News World

Did Tesla sell its Bitcoin shares?  By Crypto Horizon

Did Tesla sell its Bitcoin shares? By Crypto Horizon

Tesla still holds Bitcoin purchased: Balance sheet shows $ 1.26 billion in digital assets

Elon Musk acquires electric car company Tesla (NASDAQ :). The company’s balance sheet shows 1.261 billion digital assets. Tesla has not bought or sold any crypto assets since the first quarter of last year.

Tesla, which continues to hold Bitcoin, released its earnings results for the first quarter of 2022 on Wednesday. Elon Musk’s electric car company reported another record quarter of sales and profits that surpassed the Wall Street rating despite inflationary pressures.

The company’s revenue rose 81% to $ 18.76 billion from $ 10.39 billion a year earlier. Its profit rose 658% to $ 3.32 billion in the first quarter of this year from $ 438 million a year earlier. “I have never been more optimistic and excited about the future than I am now,” Musk said during his revenue call on Wednesday.

Among record earnings, Tesla’s net digital assets show $ 1.261 billion.

Tesla’s Q1 2022 budget. Source: Tesla Tesla’s liquidity report shows that the company’s only digital assets were acquired when it bought BTC worth $ 1.5 billion in the first quarter of last year. The only sale of digital assets occurred in the same quarter.

Tesla’s cash flow report for the first quarter of 2022. Source: Tesla In January, Tesla began accepting coins for certain merchandise. However, the company has not yet returned the bitcoins as a payment option.

Musk said he sees bitcoin as a component of value, while being very convenient for transactions. He previously revealed that he personally owns Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE) and will not sell them.

See also  Russia acquires Renault car plant

The Tesla chairman recently offered to buy Twitter Inc. With the goal of making “significant improvements” to the platform. The offer came after the acquisition of a 9.2% stake in the social media company. Musk reportedly received $ 46.5 billion to buy Twitter.

Source from here

See the original article