Tue, October 3

Elon Musk’s Tesla Q1 Update Reports on Their BTC Holdings

Bitcoin News
  • Elon’s Tesla neither bought nor sold any BTCs in Q1 of 2023.
  • The BTC price is down at the range of $29,123.33 currently.

Tesla, a leading car manufacturer owned by Elon Musk, has announced the reports for the first quarter of 2023. On April 19, it is noted that Tesla neither buy nor sell any of the bitcoins (BTC) that it holds as of Feb 2023. Moreover, the report says that the total bitcoins Tesla holds ranges to more than 11k BTC, worth over $348 M up to date. 

After the Q1 update, the sales drop slightly to $23.33 billion which was expected to be $23.39 billion. Whereas, the profit gained is around $2.5 billion which is lesser compared to $3.32 billion the previous year. 

It was evident that Tesla sold 75% of their BTC in June 2022 around $936 million when converted to fiat. Yet, when Tesla bought 9,700 BTC in 2021, the coin spiked higher in the crypto world. 

Consequently, the value ranges to $29,123.33 as per CoinMarketCap at the moment. Meanwhile, Elon substantially concentrates on meme coins, particularly Dogecoin (DOGE). The recent change of logo on Twitter was a hit in the crypto market.  

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A computer science engineering graduate who dives nook and corner of an engaging career with a keen interest in content creation, currently exploring the field of Crypto.