Tesla, the leading automotive and clean energy company owned by the Trillionaire Elon Muskon Thursday (20/04/2023) announced it would not sell its $321 million Bitcoin (BTC) deposits at all in the first quarter of 2023.
Tesla Did Not Sell or Buy BTC Throughout Q1 This Year
According to the first quarter report, the company neither sold nor added to their BTC stash. Tesla’s BTC holdings remained flat even though BTC jumped from a price of US$16,500 three months ago to US$28,500 at the end of the first quarter.
This quarter is the third quarter in a row that Tesla has made no changes to its Bitcoin stash.
Tesla has purchased US$1.5 billion worth of Bitcoin in 2021 and is holding 9,700 BTC in assets as of February 2023.
According to Reuters, on Wednesday (19/04/2023), Tesla failed to reach market estimates for first-quarter profits.
This was due to a series of aggressive price cuts to boost demand amidst a sluggish economy and to fight competition from competitors.
Musk said he prioritizes sales growth over profits, especially in uncertain economic times. Despite the difficulties, demand for Tesla’s electric cars is exceeding production capacity.
“It’s better to ship a large number of cars at a slim profit and reap those profits in the future as we improve autonomy,” Musk explained.
Tesla reported first-quarter gross revenue of US$23.33 billion. Despite not meeting the target, Tesla is expected to meet the demand for shipments of 1.8 million vehicles this year.
Tesla’s sales level in China is slowing down amid the onslaught of competition from local electric car companies. Jesse Cohen, senior analyst at investing.com, said that caused demand for Tesla’s electric cars to slump.
In its quarterly report, the company said it had reaped a net profit of US$2.5 billion. This figure is lower than the net profit of US $ 3.32 billion one year ago.
Teacher Watcher reported, the price of BTC had penetrated US $ 30 thousand but today again collapsed below that price and was at US $ 29,248 according to CoinMarketCap data.
As a public figure, Musk continues to provide support for crypto assets other than Bitcoin, ie Dogecoins (DOGE). Musk has repeatedly brought up DOGE in various interviews. [ed]