Tesla’s Q4 Earnings Report Hints at Unchanged Bitcoin Holdings: What’s Elon Musk Up To?

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Tesla, the electric vehicle company led by Elon Musk, revealed in its latest report that during the fourth quarter of last year, it did not engage in any Bitcoin buying or selling transactions.

This announcement confirms that Tesla retained its holding of 9,720 Bitcoins, as the report makes no mention of any activity related to the cryptocurrency industry’s most significant player. This decision marks the sixth consecutive quarter in which the company refrains from Bitcoin transactions.

Despite the absence of changes in its holdings, Tesla reported total revenues of $25.2 billion in the fourth quarter of last year, showing a 3% increase compared to the same period the previous year. Additionally, the company reported a net income of $7.9 billion during the fourth quarter, compared to $3.7 billion in the same period the previous year.

It’s worth noting that the company remains the third-largest holder of Bitcoin among publicly traded firms, surpassed only by MicroStrategy Inc. and Marathon Digital Holdings. The decision not to buy or sell more Bitcoin in the last quarter indicates a holding stance despite fluctuations in the cryptocurrency market.

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Despite a Sharp Decline in Its Stocks, Tesla Managed to Surpass Goals and Predictions

Tesla’s relationship with Bitcoin began in February 2021 when the company made a $1.5 billion investment and acquired around 43,000 BTC. At that time, the company also announced it would accept BTC as a form of payment. However, throughout 2021, the company made decisions that reversed this policy, selling 4,320 BTC in the early months of the year and later disposing of 75% of its remaining holdings, incurring losses.

Despite maintaining a cautious position regarding its BTC investments, Tesla faced some pressure in the stock market. After the quarterly report update, Tesla’s stocks experienced a decline in after-hours trading, marking a downward trend that has persisted since the beginning of the new year. In January, Tesla’s stocks decreased by almost 16%, crossing key support levels.

Although the financial results of the fourth quarter did not meet analyst expectations, the electric car manufacturer announced a positive achievement in its vehicle sales, surpassing Wall Street predictions. During the fourth quarter of 2023, the company sold a record-setting 484,507 vehicles, contributing to a total of 1.81 million vehicles sold throughout the year, surpassing the initial target of 1.8 million. Despite the bearish trend in the stock market and the decision to retain its assets in Bitcoin, Tesla maintains a strong confidence in its long-term vision.


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