Electric vehicle manufacturer Tesla announced its 2023 fourth quarter earnings report. The report revealed that Tesla made no change in its Bitcoin assets and exceeded 1.8 million in total deliveries for 2023.
Bitcoin price rose
Tesla’s failure to make a change in its Bitcoin holdings led to the expectation of an increase in the Bitcoin price. Bitcoin price rose more than 2.5% to $40,060 after Tesla’s earnings report was released. The value of Tesla’s Bitcoin assets was 184 million dollars with 9,720 BTC. This amounts to approximately 0.5% of Tesla’s total assets.
Tesla’s revenue fell below expectations
Tesla’s revenue reached $25.17 billion in the fourth quarter, up 3% compared to the same quarter a year ago. However, this figure was below analyst expectations. Tesla’s profit per share decreased by 16% compared to the same quarter of the previous year, falling to 71 cents. This figure was also below analyst expectations.
Tesla CEO Elon Musk recently said that he wanted to have more power in the company. “I’m uncomfortable growing Tesla to become a leader in artificial intelligence and robotics without having nearly 25% voting control,” Musk said. Just enough to be effective, but not so much that it couldn’t knock me down. “As long as that’s not the case, I’d rather make products other than Tesla.” said. Musk currently holds a 17.02% voting power on Tesla’s board of directors.
Tesla’s Bitcoin investment
Tesla was one of the first major companies to invest in Bitcoin in 2021. The company purchased $1.5 billion worth of Bitcoin in February 2021. However, with BTC prices falling, Tesla sold approximately 75% of its Bitcoin holdings by the end of 2021. Tesla sees Bitcoin as an investment vehicle. The company also plans to use Bitcoin as a payment method in the future.
Additional details for the report
- Tesla’s fourth quarter delivery figure indicates a 27% increase compared to the same quarter of the previous year. This helped Tesla push its total deliveries for 2023 to over 1.8 million.
- Tesla’s revenue increased 3% in the fourth quarter compared to the same quarter a year ago. This increase was due to the increase in Tesla’s electric vehicle sales.
- Tesla’s earnings per share decreased by 16% compared to the same quarter of the previous year. This decrease was due to an increase in Tesla’s costs.
- Tesla’s Bitcoin investment shows the company’s interest in the cryptocurrency market. Tesla announced that it plans to use Bitcoin as a payment method in the future.
Tesla’s 2023 fourth quarter earnings report revealed the company’s impact on the cryptocurrency market and Elon Musk’s plans for Tesla’s future. Tesla’s failure to make a change in its Bitcoin holdings led to the expectation of an increase in the Bitcoin price. However, Tesla’s revenue and earnings per share fell short of analyst expectations. Elon Musk’s desire to have more power on the board of directors is an important development for the future of the company.
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