Tesla Nonetheless Holding $218M in Bitcoin — Elon Musk Expects Firm to Be Price Extra Than Apple and Saudi Aramco Mixed – Featured Bitcoin Information

Tesla’s third-quarter steadiness sheet exhibits that the electrical automobile firm continues to be holding $218 million in bitcoin. CEO Elon Musk claims that Tesla may very well be value greater than Apple and Saudi Aramco mixed. The chief can be “excited” about buying Twitter.

Tesla Nonetheless Holds $218 Million in Bitcoin

Tesla Inc. (Nasdaq: TSLA) launched its third-quarter earnings outcomes Wednesday. The corporate’s Q3 monetary statements present that Tesla didn’t promote any bitcoin in the course of the quarter. Its steadiness sheet nonetheless exhibits $218 million in digital belongings, unchanged from the second quarter.

Tesla’s Q3 2022 steadiness sheet. Supply: Tesla Inc.

On the time of writing, the worth of bitcoin is $19,188 primarily based on information from Bitcoin.com Markets. Tesla purchased $1.5 billion value of the cryptocurrency in early 2021 and has not bought any extra since. The corporate offered about 75% of its BTC holdings within the second quarter of this yr.

Within the third quarter, Tesla’s income rose to $21.5 billion, in contrast with analysts’ projections of $22.1 billion. Revenue excluding some objects rose to $1.05 a share, exceeding the $1.01 common of estimates compiled by Bloomberg.

Throughout the firm’s Q3 earnings name, Musk mentioned Tesla may very well be value greater than the mixed worth of Apple (Nasdaq: APPL) and Saudi Arabian Oil Firm (Saudi Aramco) sooner or later. The 2 are at the moment the world’s largest firms by market cap. “For the primary time I see a approach for Tesla to be roughly twice the worth of Saudi Aramco,” Musk mentioned, elaborating:

That is the primary time I’ve seen that potential.

On the time of writing, Saudi Aramco’s market cap is $2.09 trillion whereas Apple’s market cap sits at $2.31 trillion. Tesla’s market cap is $695.76 billion.

Elon Musk on Recession

Musk additionally shared his financial outlook in the course of the name. He defined that “China is experiencing a recession of types,” largely within the property markets, and “Europe has a recession of types pushed by power.” The Tesla government continued:

North America’s in fairly good well being, though the Fed is elevating rates of interest greater than they need to, however I believe they’ll ultimately understand that and convey them down once more.

Lately, Financial institution of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon additionally mentioned that the U.S. economic system is doing effectively and shoppers are in fine condition regardless of inflation. Over the weekend, President Joe Biden mentioned the U.S. economic system is “robust as hell.”

Musk ‘Excited’ About Buying Twitter

The Tesla CEO additionally commented on his Twitter acquisition. He mentioned:

I’m excited concerning the Twitter scenario … Myself and different traders are clearly overpaying for Twitter proper now … [However] the long-term potential for Twitter in my opinion is an order of magnitude better than its present worth.

Musk not too long ago revealed that purchasing Twitter accelerates the creation of “X, the the whole lot app.” He initially tried to again out of shopping for the social media platform however reversed course this month and determined to undergo with the acquisition. The court docket has given Musk till Oct. 28 to shut the acquisition to keep away from a trial.

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Elon Musk, Elon Musk twitter acquisition, Elon Musk twitter deal, Tesla, tesla bitcoin, tesla crypto, tesla cryptocurrency, tesla earnings, Tesla holding Bitcoin, Tesla Q3, Tesla third quarter, Tesla Twitter

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Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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