Tesla, Elon Musk’s electric vehicle company, is accumulating bitcoin. The company has $1.261 billion worth of digital assets on its balance sheet. Since the beginning of last year, Tesla has not purchased or sold any crypto assets.
Tesla continues to host Bitcoin
Tesla announced Wednesday its earnings results for the first quarter 2022. Elon Musk’s electric vehicle company posted another record quarter of sales, profit and profits that exceeded Wall Street estimates, despite inflation pressure.
Revenue rose 81% to $18.76 Billion from $10.39 Billion a year earlier. Its earnings increased 658% from $438m in the previous year, to $3.32billion in the first quarter this year. Musk stated during Wednesday’s earnings conference, “I have never been more optimistic or excited about the future than right now.”
Tesla has net digital assets worth $1.261 billion, despite a record profit.
Tesla’s statement on cash flows shows that its only purchase of digital assets was in the first quarter last year, when it purchased $1.5 billion of BTC. It was also the quarter in which digital assets were sold.
Tesla started accepting the meme cryptocurrency dogecoin in January for certain merchandise. The company does not yet have bitcoin available as a payment option.
Musk stated that bitcoin is a store of value, while dogecoin can be used for transactions. Musk previously stated that he owns bitcoin ( Bitcoin), Ethereum ( ETH) and dogecoin(DOGE). He will not sell these.
With the goal of making ” significant improvements to Twitter Inc., the Tesla boss made an offer recently. He also took a 9.2% share in the social media giant. Musk has apparently secured $46.5 billion to purchase Twitter.
