Tesla’s second quarter 2023 results, released on July 19, show that Tesla’s Bitcoin holdings remained unchanged at $184 million.
This is the fourth consecutive quarter that Elon Musk’s company has maintained its holdings of digital assets.
After buying $1.5 billion worth of Bitcoin in 2021, Tesla sold 75% of it in 2022 and now retains $184 million in remaining BTC.
Since the second quarter of last year, Tesla has made no further crypto purchases or sales after selling the 30,000 Bitcoins for $936 million.
Tesla originally planned to accept Bitcoin as payment for its vehicles. Later, CEO and Dogecoin fan Elon Musk halted those plans due to environmental concerns about the high energy consumption from mining.
So far, Tesla has exceeded analysts’ expectations. That’s because the company reported adjusted earnings per share of $0.91, beating forecasts by $0.09. Sales also developed positively: Tesla achieved sales of $24.9 billion in the second quarter and exceeded expectations by 0.81%.
Nevertheless, the market did not show a positive reaction. According to Google Finance data, Tesla’s share price fell 4.19% to $279.07 in after-hours trading.
Image by ElasticComputeFarm from Pixabay
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