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Friday, September 30, 2022

Tesla’s Balance Sheet Shows $1.26B in Digital Assets

Tesla’s revenue rose 81% from $10.39 billion a year ago to $18.76 billion this quarter

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Tesla released its earnings results for the first quarter of 2022, the company reported another record quarter of sales and profit exceeding Wall Street estimates despite inflation pressure.

Tesla’s revenue rose 81% from $10.39 billion a year ago to $18.76 billion this quarter, earnings also jumped 658% from $438 million in the previous year to $3.32 billion in the first quarter of this year. Amid record profit, Tesla’s balance sheet shows net digital assets of $1.261 billion.

Tesla Hodls Bitcoin: Balance Sheet Shows $1.26B in Digital Assets

“I’ve never been more optimistic and excited in terms of the future than I am right now,” said Elon Musk.

Tesla’s statement of cash flows still shows that the company’s purchased digital assets in the first quarter of last year when it bought $1.5 billion worth of Bitcoin (BTC). The company also sold digital assets in the same quarter.

Tesla Hodls Bitcoin: Balance Sheet Shows $1.26B in Digital Assets

In January, Tesla began accepting the meme cryptocurrency dogecoin for some merchandise. However, the company has yet to resume bitcoin as a payment option. Musk also revealed in February 22, that Dogecoin will be accepted at Tesla’s Supercharger Station.

During Time’s Magazine Interview, Musk has said that he sees bitcoin as a store of value whereas dogecoin is better suited for transactions. He previously revealed that he personally owns Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) — and will not sell them.

 

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