Tesla Holds its Bitcoin Bags Steady Despite Market Twists
Tesla keeps its $184m Bitcoin stash steady for 4th quarter, while stock and Bitcoin prices drop
Tesla, the electric car maker, has not bought or sold any Bitcoin for the fourth quarter in a row. It still holds Bitcoin valued at $184 million.
This value has remained unchanged in the last two quarterly earnings, including the latest one released on July 19, 2023.
Tesla sold a big part of its Bitcoin (over 30,000 Bitcoin) last year, which was about 75% of all the Bitcoin it held. It made $936 million from this sale.
The company bought $1.5 billion worth of Bitcoin in March 2021. CEO Elon Musk said that Tesla would start accepting Bitcoin as payment for its cars. However, Musk later changed this decision because of environmental concerns about Bitcoin's energy use.
In 2023, Tesla has been doing better than expected. It reported earnings of $0.91 per share, which was higher than what analysts predicted. Its total revenue of $24.9 billion for the second quarter also beat expectations.
However, despite these good results, Tesla's stock price fell by 4.19% to $279.07 in after-hours trading.
The price of Bitcoin has dropped nearly 5% this week and is now around $30,234. Some traders believe it could fall further to about $27,500 soon, as it struggles to stay above $30,000.
