The financial statement for Tesla’s third quarter is revealing that the car company has all its bitcoins intact. They have not sold any. Their recent balance sheet shows that Tesla is still holding Bitcoin worth $184 million.
Meanwhile, Elon Musk, the CEO of Tesla, has raised a few concerns about the high rate of interest that is affecting the auto industry. Last Wednesday, Tesla released their third-quarter report, and they have made a revenue of $23.35 billion and a profit of $1.85 billion, which is a bit lower than the other quarters.
Though their earnings did not meet the expectations of Wall Street, the balance sheet of the car company is still showing digital assets worth $184 million. In four consecutive quarters, Tesla recorded an equal amount of digital assets, which is mainly Bitcoins.
Tesla invested 1.5 billion dollars in Bitcoin in quarter 1 of 2021 but also sold 74% of their holdings in quarter 2 of 2022. He said that his company is “certainly open” to increasing its Bitcoin holdings in the future. He also stated, “We may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions.”
Tesla has also accepted the meme crypto Dogecoin (DOGE) for some of their merchandise. During quarter 3 of Tesla, Elon Musk expressed a few of his concerns that are affecting the profit of his company which also includes the high rate of interest.
Musk said, “As interest rates rise, the proportion of that monthly payment that is interest increases naturally. If interest rates remain high or if they go even higher, it’s that much harder for people to buy a car. They simply can’t afford it.”