Elon Musk’s Tesla Doesn’t Buy Any Bitcoin For 4 Quarters In A Row : Report

Key Points:

• Electric carmaker Tesla’s (TSLA) bitcoin holdings remain at $184 million.
• Elon Musk’s company did not buy or sell any bitcoins for the fourth consecutive quarter in Q2 2023.
• The company initially purchased $1.5 billion worth of bitcoins in early 2021, with CEO Elon Musk boosting the bitcoin price by saying the company would accept bitcoin as a means of payment for their cars, which Musk eventually withdrew.

Elon Musk’s electric car maker Tesla did not buy or sell any bitcoin for the fourth consecutive quarter in Q2 2023, the company said in its earnings report Wednesday after the market close.

Tesla said its gross profit margin fell in the second quarter from three months earlier, hurting the electric-car maker’s efforts to boost sales through discounts.

For the second quarter, Tesla reported adjusted earnings per share of $0.91, compared with consensus analysts’ estimate of $0.8, according to FactSet and the revenue of $24.9 billion beat analysts’ estimates of $24.2 billion.

The company reduced its digital asset holdings from $218 million to $184 million in the fourth quarter of that year. Tesla has since maintained that level in the last quarter of 2022 and the first three months of 2023. The net worth of its digital assets at the end of the quarter was $184 million. At the end of the second quarter, the Bitcoin price was around $30,400, up from about $28,500 at the end of the first quarter.

Tesla hasn’t bought or sold any bitcoin since the second quarter of last year, when it sold more than 30,000 Bitcoins, or about 75% of its Bitcoin holdings, for $936 million.

The company initially purchased $1.5 billion worth of bitcoin in early 2021, with CEO Elon Musk boosting the bitcoin price by saying Tesla would accept bitcoin as a means of payment for their cars. But that was eventually withdrawn, citing market concerns.

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