Elon Musk's Tesla Announced Its Balance Sheet: What is the Latest Situation in Bitcoin Assets?
Elon Musk's company Tesla announced its earnings report for the first quarter of 2024.
Tesla, whose CEO is billionaire investor Elon Musk, shared its first quarter 2024 financial reports on April 23. In its first quarter report, the company announced that it did not sell any of its Bitcoins and did not make any new purchases.
Before the annual report was announced, it was known that the company had 9,720 Bitcoins worth $650 million on its balance sheet. Tesla hasn't sold any Bitcoin for seven consecutive quarters.
The company invested in Bitcoin for the first time in the first quarter of 2021, purchasing approximately 47,400 Bitcoins worth $1.9 billion, and announced in the second quarter report of 2022 that it made a profit of $64 million by selling $936 million of its Bitcoins.
However, Tesla reported a decline in revenue in the first quarter of 2024. Total revenue fell significantly to $12.3 billion compared to the $21.4 billion forecast.
