Tesla Still Holds $218 Million in Bitcoin

Elon Musk anticipates his business will be worth more than Saudi Aramco and Apple put together.
On Wednesday, Tesla Inc. electric announced the financial results for the third quarter. According to Tesla’s Q3 financial reports, no bitcoin was sold during the quarter. Digital assets still total $218 million on its financial sheet, the same amount as in the second quarter.
According to information from Bitcoin.com Markets at the time of writing, the price of one bitcoin is $19,072. Early in 2021, Tesla invested $1.5 billion in cryptocurrencies; since then, no more purchases have been made. About 75% of the company’s BTC holdings were sold during the second quarter of this year.
Contrary to experts’ predictions of $22.1 billion, Tesla’s third-quarter sales increased to $21.5 billion. Earnings per share, excluding certain adjustments, increased to $1.05, above the $1.01 average of the projections gathered by Bloomberg.
On the company’s Q3 results call Musk said that “Tesla might one day be worth more than the combined value of Apple and Saudi Aramco” By market cap, these two are now the two biggest corporations in the world. Musk added, “For the first time I see a potential for Tesla to reach nearly double the value of Saudi Aramco”
During the call, Musk also discussed his forecast for the economy. He added that “Europe has a recession of sorts driven by energy,” while “China is having a recession of sorts,” mostly in the real estate sectors.
The Tesla executive continued, ‘North America’s in pretty good health, although the Fed is raising interest rates more than they should, I think they’ll eventually realize that and bring them down again’
Recently, Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon also said that the U.S. economy is doing well and consumers are in good shape despite inflation. Over the weekend, President Joe Biden said the U.S. economy is “strong as hell.”
The Tesla CEO also commented on his Twitter acquisition. He said, “I’m excited about the Twitter situation … Myself and other investors are obviously overpaying for Twitter right now….however, the long-term potential for Twitter in my view is an order of magnitude greater than its current value.”
The development of “X, the everything app,” according to Musk, is accelerated by the acquisition of Twitter. He first tried to back out of buying the social networking company, but this month he changed his mind and chose to complete the transaction. In order to avoid a trial, the court has granted Musk until October 28 to complete the transaction.