Tesla, a leading automotive and clean energy company owned by Elon Muskannounced today that none of its $711,050,000 worth of Bitcoin (BTC) was sold in the first quarter of 2024. The company did not buy or sell any of its Bitcoin, according to its first quarter update .
Tesla made no mention of Bitcoin buying or selling activities in its latest earnings report. Before the earnings report was announced, Tesla was known to own 9,720 BTC. This marks the seventh consecutive quarter without sales for Tesla’s Bitcoin stack. Fortunately, the value of their Bitcoin has increased significantly over the past quarter, largely due to the approval of the Spot Bitcoin ETF. Additionally, Tesla’s BTC stash could increase in value as the asset increases in the coming weeks following the halving event.
The company continues to cling to its substantial investment in Bitcoin, even amid the largest cryptocurrency’s continued price surge. It last reduced its holdings in the second quarter of 2022 after liquidating 75%, or approximately $936 million, of BTC.
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Additionally, Tesla reported a decline in revenue in the first quarter of 2024. Total revenue was reported at $12.3 billion, down dramatically from the estimated $21.4 billion. The company has a terrible report for the fourth quarter of 2023, and its latest earnings report doesn’t look much better. Tesla also reported negative free cash flow of $2.5 billion in the first quarter.
Despite missing revenue and profit expectations, Tesla stock is up 5% in after-market trading following the earnings release. As of closing time, Tesla stock is trading at $144.61, down 13% over the past five days and 28% over the past month.