đ„Tesla's Announcement Brings Relief to Bitcoin Investors
#Tesla , led by #ElonMusk as CEO, has unveiled its first-quarter balance sheet, easing concerns for Bitcoin investors. The US electric vehicle giant Tesla revealed its Q1 balance sheet for 2024, confirming its continued holding of Bitcoin assets without any sales.
In February 2021, Tesla acquired 43,200 BTC, later reducing it to 9,720 BTC through two sales. Since July 2022, Tesla has maintained these 9,720 Bitcoins on its balance sheet, valued at over $600 million at present rates. A Missed Opportunity for Bigger Gains
Had Tesla retained its initial 43,200 BTC without selling, the company would have realized substantial profits today. Tesla invested $1.5 billion initially, and the current value of the 43,200 BTC surpasses $3 billion.
Challenges Faced by Tesla
While Tesla's Bitcoin holdings remain steady, its Q1 revenue figures fell below expectations, marking a 9 percent decline and the first significant drop since 2012. Additionally, Tesla's shares have plummeted over 40 percent in 2024 due to heightened competition in the electric vehicle industry since October.
