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Bitcoin

Tesla holds 1.26 billion worth of bitcoins

Elon Musk recently offered a hostile takeover of Twitter for $46 billion, which was 36% above its current market price.

In its latest earnings report, the electric car maker revealed that it still holds a staggering amount of crypto. Despite inflation pressure, the company has reported its highest ever earnings, beating all Wall Street estimates. 

As per the company’s cash flow statement, it purchased $1.5 billion worth of BTC in the first quarter of 2021. Since then all the following quarters show no additional purchases of crypto, especially Bitcoin. The company sold a portion of its Bitcoin holdings the same quarter it bought them. 

Since January, Tesla has been accepting the popular meme coin – Dogecoin for specific merchandise. The company is yet to bring back Bitcoin payments for Tesla cars.

I’ve never been more optimistic and excited in terms of the future than I am right now.

A year ago Tesla reported a revenue of $10.39 billion, which now stands at $18.76 billion— an eighty one percent rise. Its earnings have jumped from $438 million in the previous year to $3.32 billion. A 658% rise in earnings.

As per Musk, Bitcoin is a store of value and Doge coin is preferable for transactions. He has previously went on record and said that he would not sell his holding of Bitcoin (BTC) , Ethereum (ETH), and Dogecoin (DOGE).

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