US$64M Profit from BTC selling! Did Elon’s Plan Work for Tesla?
Tesla’s secret to gaining a US$64M profit can be hidden in 75% BTC selling
As the experts dwelled on finding the motive behind Tesla selling 75% of its BTC holdings, some said Musk has lost faith in Bitcoin and some said it is only a strategy of regaining the Tesla share value to its previous glory. The debate is now settled as Tesla reported a value gain of $64 million in the second quarter after the BTC holdings were sold.
Tesla recorded per-share earnings of $2.27 in the second quarter on revenues of $16.93 billion. Although profitability was down compared with the first quarter, it was up over the levels of a year ago. However, company profitability was impacted by rising inflation and growing competition for battery cells. The electric vehicle maker still has 10,800 BTC on its books, according to Bitcoin Treasuries. At a current price of around $22,000 BTC, Tesla’s digital asset holdings are worth roughly $237 million.
In the first six months of 2022, Tesla recorded $170 million of impairment losses “resulting from changes to the carrying value” of its Bitcoin holdings, according to an official Form 10-Q filing with the United States Securities and Exchange Commission, or SEC. After selling 75% of its BTC stash for dollars in the second quarter, the company netted a realized gain of $64 million.
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Tesla’s secret to gaining a US$64M profit can be hidden in 75% BTC selling
As the experts dwelled on finding the motive behind Tesla selling 75% of its BTC holdings, some said Musk has lost faith in Bitcoin and some said it is only a strategy of regaining the Tesla share value to its previous glory. The debate is now settled as Tesla reported a value gain of $64 million in the second quarter after the BTC holdings were sold.
Tesla recorded per-share earnings of $2.27 in the second quarter on revenues of $16.93 billion. Although profitability was down compared with the first quarter, it was up over the levels of a year ago. However, company profitability was impacted by rising inflation and growing competition for battery cells. The electric vehicle maker still has 10,800 BTC on its books, according to Bitcoin Treasuries. At a current price of around $22,000 BTC, Tesla’s digital asset holdings are worth roughly $237 million.
In the first six months of 2022, Tesla recorded $170 million of impairment losses “resulting from changes to the carrying value” of its Bitcoin holdings, according to an official Form 10-Q filing with the United States Securities and Exchange Commission, or SEC. After selling 75% of its BTC stash for dollars in the second quarter, the company netted a realized gain of $64 million.
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- GPT-3 Can Even Write Novels, but it Can’t Plan and Reason
- Meta vs Apple: Fighting for Metaverse Dominance in a Philosophical Way
- Robots with Human-like Behavior Thought to Have Mental States
- Top 10 Tech Companies that have Stopped or Limited Hiring Process in 2022
- Machine Learning is on the Verge of Triggering ‘Reproducibility Crisis
- How to Become a Self-Taught Data Scientist at FAANG in 2022?
The post US$64M Profit from BTC selling! Did Elon’s Plan Work for Tesla? appeared first on .
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