Tesla’s Q4 Balance Sheet Shows $184 Million in Bitcoin Holdings
Tesla Inc. (Nasdaq: TSLA) on Wednesday released its earnings results for the fourth quarter of 2022 and the company’s balance sheet shows net assets of $184 million, down from $218 million in the previous quarter. No detailed assets were bought or sold during the fourth quarter, according to its other financial statements. The electric car company’s digital assets mostly consist of bitcoin and the dwindling value of its crypto holdings due to the fluctuating bitcoin price has resulted in a loss of $34 million and at the time of writing it is trading Bitcoin is seen at $23087. If we talk about what the value lost during 2022 was not the same, it fell from $47.8K to about $16.6K on Wednesday. Tesla did not disclose how many bitcoins it currently holds, but one industry estimate appears to be around 9720 bitcoins. In addition to bitcoin, Tesla also holds a small amount of dogecoin (DOGE), which it acquired from selling some for the MEME cryptocurrency. The company started accepting payments for some merchandise in January last year. Tesla bought $1.5 billion worth of bitcoin in early 2021 and hasn’t made any purchases since then, dumping about 75 percent of its bitcoin holdings in the second quarter of last year. It was reported at one point by CEO Elon Musk that Tesla sold its bitcoins due to the uncertainty and to maximize its cash position when the COVID-19 lockdown in China would end. He said that definitely in the future we are open to take some decisions on bitcoin and that is why we insist on increasing holdings on bitcoin. He also mentioned that the company did not sell any Dogecoin and that Kasturi himself personally owns bitcoin and other coins and in March last year he tweeted that he still owns any of the 3 cryptocurrencies. Have and will not sell it. The billionaire also wrote that I still own bitcoin and Ethereum or dogecoin and I will not sell them. Elon Musk is not there at Tesla’s earnings call with analysts on Wednesday, there are definitely obstacles in the way, this year we will probably have a hard time, but I expect it to be unlikely, and he warns that that no one can predict the short-term stock price, adding that he believes Tesla will be one of the most valuable companies on Earth. Certainly the CEO has a very definite opinion about Tesla’s stock and According to him, its shares will definitely be able to prove themselves as one of the best in the coming days.
