According to Elon Musk, the billionaire businessman who owns Tesla, the company’s third-quarter results report revealed that Bitcoin stockpiles had not been altered and that the company still held $218 million worth of digital currency despite the decline in the economy.
As of the end of the third quarter, Tesla did not recognize any impairment charges to the value of its assets due to the fact that the price of bitcoin dropped by just over 20% from the end of the second quarter to the end of the third quarter.
Elon Musk: I'm now of the opinion that @Tesla can exceed Apple's and Saudi Aramco's combined market caps (in the future); This is the first time I've seen that potential.
— Sawyer Merritt (@SawyerMerritt) October 19, 2022
Tesla still ranks among the top three Bitcoin holders by a public company, just behind MicroStrategy and Galaxy Digital Holdings (130 000 BTC, or around $2.48 billion and $313 million, respectively).
Tesla’s profitability from Bitcoin?
A profit of $936 million was made by Tesla in July, when 75% of its Bitcoin holdings were sold. In order to optimize our financial situation, Musk says the decision to sell bitcoin was taken because it was uncertain when the Covid lockdowns in China would end.
A few days later, Elon Musk’s Tesla had $222 million worth of digital assets on its financial sheet when it filed a report with the US Securities and Exchange Commission, which revealed that it had digital assets worth $222 million.
Tesla earnings report reveals they are still holding onto 10,725 #Bitcoin worth $205 Million.
MicroStrategy & Galaxy Digital Holdings remains the largest holders of Bitcoin, with over 130,000 & 40,000 BTC.
— Crypto India (@CryptooIndia) October 20, 2022
Tesla’s shares in its SEC filings only indicate the company’s shares. Because digital assets are not subject to typical market fluctuations, their real value may vary greatly.
As revealed in leaked correspondence from September, the world’s wealthiest man discussed the future of social networking with many digital entrepreneurs, such as Jack Dorsey of Block Inc. and Sam Bankman-Fried of FTX.
No, Tesla did not add any #BTC or other digital assets to their balance sheet.
They are currently holding 11,354 #Bitcoin worth $218 Million
Same as Last Quarter. pic.twitter.com/hZwEWMwiUI
— Rishabh Singhal | Cryptowaley (@rishabhsrishi) October 20, 2022