News - Tesla holds on to its Bitcoin, shares plummet.

By Ted Maas

Tesla holds on to its Bitcoin, shares plummet.

Bitcoin (BTC)
Investing
Wallets and Whales
Tesla houdt vast aan zijn Bitcoin, aandelen zakken naar beneden.

Electric car manufacturer Tesla remains loyal to its Bitcoin holdings, but disappointed with rather meager quarterly earnings. That's according to the company's latest quarterly report.

According to the report, the electric car maker's balance sheet continues to record $184 million in BTC. In February 2021, Elon Musk's company paid $1.5 billion in cryptocurrency and also briefly accepted Bitcoin as a means of payment.

In mid-2022, the automaker converted 75 percent of its holdings to cash to deal with production problems in Asia. This was followed by another sale in the fourth quarter of 2022, from $218 million to now $184 million in Bitcoin.

Overall, Tesla's quarterly report did not meet analysts' expectations. True, the company did manage to increase its revenue by nearly 9 percent from $21.45 billion to $23.35 billion. However, sales of 24.1 billion had been predicted in advance. As a result, Tesla shares plummeted nearly 13 percent.

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