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  • Writer's pictureConnie Chan

Tesla Holds BTC in Q3


Tesla Holds BTC in Q3
Tesla Holds BTC in Q3

Elon Musk-owned automotive company Tesla revealed that it has managed to hold on to all its Bitcoin even through the financial turmoil of the third quarter of 2023.


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Tesla's Bitcoin Holdings Remain Unchanged

Tesla, the electric vehicle and clean energy giant led by Elon Musk, has maintained its conservative financial approach amidst a turbulent third quarter of 2023 by holding onto its Bitcoin holdings. According to its Q3 update, Tesla retained its entire Bitcoin portfolio worth $312,000,000, marking the fifth consecutive quarter without any sales. Although its Bitcoin stash decreased by $9,000,000 compared to the previous quarter, Tesla refrained from any Bitcoin transactions since Q2 2022, when it sold over 30,000 BTC, approximately 75% of its holdings, generating $936 million. In early 2021, the company had invested $1.5 billion in Bitcoin. Tesla Holds BTC in Q3.


Financial Performance And Stock Market Reaction

Tesla's financial performance faced some challenges in Q3, reporting adjusted earnings of 66 cents per share, falling short of the projected 73 cents. The company's revenue amounted to $23.35 billion, slightly below the expected $23.9 billion, with a gross profit margin of 17.9%, slightly below the estimated 18%. As a result, Tesla's shares declined by 4.78%, reaching a value of $242.68 per share. However, during the shareholder presentation, Tesla also revealed that its CYBERTRUCK pilot production had already exceeded 125,000 units ahead of the planned November product launch. Despite a 7% decline in vehicle deliveries this quarter, the company remains hopeful about achieving its yearly target of delivering 1.8 million vehicles.


Conservative Approach Amid Uncertainties

Tesla's recent decision to maintain its Bitcoin holdings in spite of market volatility is indicative of a more cautious approach to financial management. This prudence is reflected across various aspects of the company's operations, from digital assets to vehicle production and sales. This approach is also evident in Tesla's use of Say Technologies, an online platform that enables shareholders to submit questions and generate earnings reports.


As Tesla continues to navigate the financial landscape and hold its Bitcoin assets, market observers, investors, and consumers are keen to see how the company will proceed in the final quarter of the year. Tesla's strategy of conserving resources amidst uncertainties has positioned it at the center of attention, with many eagerly anticipating its next moves.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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