LIVEWith Tesla's announcement, Bitcoin investors sighed with relief.
Elon Musk, the CEO of Tesla, has released the company's first-quarter financial statement. The business did not act in a way that alarmed Bitcoin investors.
Tesla, a US electric car manufacturer, released its 2024 first quarter financial statement. As a result, the business did not sell any Bitcoin and kept its assets.
Tesla reduced these assets to 9,720 BTC through two separate sales after purchasing 43,200 BTC in February 2021. Since July 2022, the company has shown 9,720 Bitcoins as assets on its balance sheet. At current prices, these assets are worth over 600 million dollars.
He would have made a significant profit if he had never sold.
Had the company not touched any of its initial 43,200 BTC assets, Elon Musk, the CEO, would be sitting on a massive profit today. At the time, Tesla paid a total of $1.5 billion. At 43,200 BTC, the current value is almost $3 billion.
Tesla reported lower-than-expected revenue in the first quarter of 2024. In the first quarter, the company reported a 9 percent decline in revenue, the largest decline this size has seen since 2012. Additionally, because of heightened competition in the electric vehicle industry in October, shares of Tesla have dropped by more than 40% this year.
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