30s Summary

Tesla held onto its $184 million worth of crypto assets in Q3 2024 for the fifth consecutive quarter. Despite lower revenues than Q2, Tesla’s net income rose to $2.18 billion. Despite rumors of Tesla divesting their Bitcoin assets, the company apparently still possesses 11,509 BTC, valued at roughly $750 million. Tesla’s stock dropped by 8% after introducing their self-driving taxicabs.

Full Article

Tesla just shared their Q3 2024 earnings and it looks like they’re still holding onto all their crypto assets, worth a whopping $184 million, for the fifth quarter in a row. Their revenue for the quarter came in a bit over $25.18 billion, slightly below Q2’s, but their net income jumped to about $2.18 billion from the $1.5 billion in Q2.

This is particularly noteworthy because Tesla splashed big in the crypto world back in 2021 when they made their first Bitcoin purchase – they spent a massive $1.5 billion for an amount of the digital coin. Since then, everyone’s been watching Tesla and other similar companies who own digital assets to see how the corporate world interacts with this new market and how their buying and selling behavior could move prices.

Rumors were swirling on Oct. 15 when Arkham Intelligence, a firm analyzing blockchain data, reported some movements of Bitcoin from wallets thought to belong to Tesla. But it looks like Tesla’s still holding a tidy sum of Bitcoin – 11,509 BTC to be exact, valued around $750 million.

When all’s said and done, Tesla’s latest financial statements confirm these rumors: the company hasn’t sold off any of their crypto investments. However, there’s still some question around how much crypto Tesla actually owns.

In other news, Tesla’s stock took a hit following the recent reveal of their self-driving taxicabs, which Elon Musk confidently announced as the future of driving. But it seems investors weren’t as convinced as the Tesla boss and the company’s stock dipped by 8% after the event.

Source: Cointelegraph