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Tesla maintains $321 million Bitcoin holdings in Q1 2023, reports $2.5 billion net profit
Tesla holds Bitcoin holdings in Q2 as earnings exceed expectations
- Tesla announced that it never sold any of its $321 million Bitcoin (BTC) holdings in Q1 of 2023.
- Tesla disclosed a first-quarter revenue of $23.33 billion and a net profit of $2.5 billion, down from $3.32 billion the previous year.
Tesla, the leading automotive and clean energy company owned by Elon Musk, announced that it never sold any of its $321 million worth of Bitcoin (BTC) holdings during the first quarter of 2023.
According to its Q1 update, this marks the third consecutive quarter with no changes to Tesla’s Bitcoin holdings, even as BTC’s value increased from $16,500 to approximately $28,500 during the quarter.
Tesla records $2.5 billion net profit
On Wednesday, Reuters reported that Tesla missed market estimates for its first-quarter margin due to a series of aggressive price cuts aimed at boosting demand amid a slowing economy and growing competition. Nevertheless, the company anticipates delivering around 1.8 million vehicles in 2023.
Tesla disclosed a first-quarter revenue of $23.33 billion and a net profit of $2.5 billion, down from $3.32 billion the previous year. Meanwhile, Bitcoin’s price has fallen below $30,000, currently trading at $29,248.71, according to CoinMarketCap.
Elon Musk has continued to show support for other cryptocurrencies, particularly Dogecoin (DOGE), mentioning it in recent interviews. In 2021, Tesla acquired $1.5 billion worth of Bitcoin and held 9,700 Bitcoin as of February 2023.
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Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
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