Electric car maker Tesla said in its latest quarterly report that its Bitcoin (BTC) reserve had not changed at all over the relevant 3 months. Moreover, the results of the company having disappointed the markets, the publication of the report of the American manufacturer caused a momentary fall of the action TSLA.
Tesla does not touch its Bitcoin reserve
In its latest quarterly report on October 19, US electric vehicle maker Tesla revealed that its Bitcoin (BTC) reserves had not changed during this period. The company currently holds 9,720 BTCwhich represents almost 188 million dollars at the current price.
Note that between the time of writing its latest report and the publication of the previous one, at the end of June, Tesla has lost almost nothing in terms of the value of its Bitcoin reserve.
Indeed, at the end of the second quarter of 2022, BTC was already hovering around $20,000. In total, the difference in value between the 2 publications is only 4 million dollarsa quite relative amount given the total number of Bitcoin units held by the company.
However, it should be noted that in its second quarterly report, Tesla had sold 75% of the BTC in its possession, totaling just under $1 billion in sales, or $64 million in profit.
At the time, the selloff briefly hit the market, sending BTC prices down around 1.7% following the announcement. The latter, however, rose again afterElon Musk, CEO of Teslasaid that the sale in question was not the result of a loss of confidence in Bitcoinbut simply from a desire to consolidate the company’s cash flow into fiduciary assets.
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Disappointing overall revenues for this last quarter
Tesla’s quarterly report disappointed. However, the manufacturer revealed a turnover up 56% compared to the same period last year, and a net result which more than doubled, thus reaching 3.3 billion dollars in the quarter concerned.
Thus, the automaker declared a turnover of 21.5 billion on its latest report, while the market expected a figure of over $22 billion. Following the release of the figures, TSLA’s share price fell on the stock market:
TSLA 24-hour share price
The TSLA stock has, in total, lost 35% since the beginning of the year due to various factors, above all economic, such as the global uncertainty of the financial markets as well as the difficulties of logistical routing of the vehicles produced.
In addition, some investors are concerned that Elon Musk may still have to sell some of his shares in the company. in order to be able to finance his purchase of Twitterwhich should be finalized next year.
Indeed, the richest man in the world has already found himself forced to sell $15 billion of its shares since the start of the year. He had himself said that part of these sales were in anticipation of the purchase of the social network.
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Published by Editions Larousse
Sources: Tesla, Le Figaro
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