News - Tesla builds "supercomputers" and is hodl'ing Bitcoin

By Luc Vesters

Tesla builds "supercomputers" and is hodl'ing Bitcoin

Bitcoin (BTC)
Elon Musk

Tesla (TSLA) did not buy or sell any Bitcoins in the third quarter of 2023. This is according to the electric car manufacturer's quarterly report.

At the beginning of the quarter, the value of digital assets was $184 million, with BTC at $30,441 on June 30, 2023. At the end of the quarter's accounting period, Sept. 30, 2023, BTC was trading at about $26,855. So Tesla's crypto position has theoretically dropped. But because current accounting rules don't allow such losses to be recorded, there is still $184 million on the balance sheet.

In addition to cryptocurrencies, the automaker is also investing in the further development of artificial intelligence. According to Tesla, the "world's largest supercomputer has been commissioned." In Q1 2023, Tesla generated total revenue of $23.35 billion, less than expected. TSLA shares are worth $236 at the time of writing.

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