Key Takeaways
- lon Musk, the billionaire businessman who owns Tesla disclosed its third-quarter results report.
- The report showed that the company's Bitcoin stockpile had not altered and still held 218 million dollars' worth of digital currency.
Many attribute the development of cryptocurrency to industries and nations that have gone the extra mile to embrace the unique currency and infuse it into many of their existing activities. These stakeholders have not only rekindled the faith of different enthusiasts in this currency but also set the pace for other sectors to follow. The recent reveal of Tesla's third-quarter results shows these.
Elon Musk, the billionaire businessman who owns Tesla, disclosed its third-quarter results report, which showed that the company's Bitcoin stockpile had not altered and still held 218 million dollars' worth of digital currency.
Read:Russian users are welcomed by crypto exchanges in Kazakhstan, but there’s a catch
Elon Musk’s Tesla Continued to hold $218 Million in Bitcoin in Q3
Tesla reported in July that it had sold 75% of its assets in bitcoin, which were worth 936 million dollars then. Following the acquisition, Tesla revealed that as of June 30, it still had 222 million dollars in digital assets on its financial statements.
Following only MicroStrategy and Galaxy Digital Holdings in terms of overall assets, which are 130 000 BTC, or roughly 2.48 billion dollars and 313 million dollars, Tesla is still one of the biggest Bitcoin holders by a publicly listed business.
As of the Q2 investor call, Musk had stated that the company had sold its Bitcoin to raise money as COVID lockdowns in China continued. Considering the uncertainties surrounding COVID lockdowns in China, he said the company needed to optimize its cash level.
A couple of days later, reports to the US Securities and Exchange Commission showed that Elon Musk's Tesla had 222 million dollars' worth of digital assets on its financial sheet.
During the period, the corporation's position on cryptocurrencies didn't change from either Musk's proposal to purchase Twitter or the recent legal struggle regarding wanting to cancel the agreement.
Leaked communications from September revealed the world's richest man discussing the prospective future of the well-known social networking platform with several tech entrepreneurs. These moguls include Jack Dorsey of Block Inc. and Sam Bankman-Fried of FTX. One suggestion was to incorporate a Dogecoin payment method, Musk's preferred digital currency.
Musk explained that the plan was to charge users a small fee to register a comment on-chain, eliminating the bulk of spam and automated comment posting by setting a cap of 0.1 [Doge.]https://remitano.com/invest/au/investments/create/doge/)
Tesla continues to make waves with innovations surrounding crypto. Do you see Twitter being sold to Musk, though? Please share your thoughts with us in the comments section.
