Tesla still has $184 million worth of digital assets and assets on its balance sheet, according to its Q1 earnings results. Bitcoin It contains.
Although the price of Bitcoin has increased by more than 72% since the beginning of the year, there has been no change in the value of the company’s assets as unrealized gains have not been recorded.
Tesla He first purchased $1.5 billion worth of Bitcoin in February 2021, helping push the price of the cryptocurrency to new highs. In April 2021, he reduced his BTC holdings worth $272 million by reducing his position by 10% to generate income.
As we reported as Koinfinans.com, he sold the majority of his Bitcoin assets in July.
Tesla recorded a massive 55% drop in profits in the first quarter of the year, while its revenue decreased by 9%.
Tesla shares, on the other hand, have fallen more than 40% since the beginning of the year due to stiff competition in China. Elon Musk’s company is struggling to compete with Chinese rivals such as local manufacturers BYD.
Despite tough financial results, Musk announced plans to launch a more affordable Tesla in the second half of 2025, exciting investors. The Tesla boss also hinted that the name of the company’s robot taxi project could be “Cybercab”.
Although details were scant, Musk’s vague promises sent the stock significantly higher. TSLA is currently up as much as 13% in pre-market trading. Earlier this month, the company was forced to make large-scale layoffs in an effort to cut costs.
