Tesla Hodls Bitcoin: Balance Sheet Shows $1.26B in Digital Assets
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In April, Tesla released its earnings results for the first quarter of 2022. Despite inflation pressure, Tesla’s electric car company reported a record quarter of sales and profits.
Elon Musk’s electric car company reported a record quarter of sales and profits, surpassing Wall Street estimates despite inflation pressure.
The company’s revenue rose 81% to $18.76 billion from $10.39 billion a year ago. In addition, its earnings jumped 658% from $438 million in the previous year to $3.32 billion in the first quarter of this year. “I’ve never been more optimistic and excited about the future than I am right now,” Musk said.
Tesla’s balance sheet shows net digital assets of $1.261 billion at a record profit.
Tesla’s statement of cash flows shows that its only purchase of digital assets took place in the first quarter of 2014. BTC is worth $5 billion.
Tesla began accepting a meme cryptocurrency dogecoin in January for some merchandise. However, Bitcoin has not yet been brought back as a payment option.
On the other hand, Musk says Bitcoin is more valuable to transactions than Dogecoin. This is because, in addition to Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE), he owns them all – and does not sell them.
Tesla boss Tesla has recently offered to buy Twitter Inc., hoping to make “significant improvements” to the platform. He took a 9.2% stake in the social media giant after accepting the offer. Musk has reportedly secured $46.5 billion to purchase Twitter.