🚁 Tesla did not sell bitcoins on its balance sheet 💲
Tesla did not buy or sell bitcoins throughout 2023, maintaining a position in the cryptocurrency worth $184 million at book value, as follows from the financial report.
The electric car manufacturer's revenue for the period amounted to $97.8 billion, which is 15% more than the figure for 2022. Profit fell by 15% to $17.7 billion.
Tesla shares fell nearly 6% in after-hours trading. Over the past month, the company's quotes have decreased by almost 18%.
In February 2021, it became known that the company had invested $1.5 billion in Bitcoin. Co-founder and CEO Elon Musk called these investments “quite risky.”
By the end of the second quarter of 2022, Tesla had converted approximately 75% of the cryptocurrency into fiat, which brought it $936 million. The profit from the operation was $64 million. Taking into account the negative revaluation of bitcoins on the balance sheet in the amount of $204 million, the company reported a net loss of $140 million.
According to Bitcoin Treasuries, the company holds 9,720 BTC, the current position yield is 16%.
Let us remember that Musk admitted in a podcast with ARK Invest CEO Cathie Wood that among cryptocurrencies he himself only owns “a large amount of Dogecoin.” $DOGE
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