Tesla, the leading automotive and clean energy company owned by Elon Musk, announced that it never sold any of its $321 million worth of Bitcoin (BTC) holdings during the first quarter of 2023.
According to its Q1 update, this marks the third consecutive quarter with no changes to Tesla’s Bitcoin holdings, even as BTC’s value increased from $16,500 to approximately $28,500 during the quarter.
Tesla records $2.5 billion net profit
On Wednesday, Reuters reported that Tesla missed market estimates for its first-quarter margin due to a series of aggressive price cuts aimed at boosting demand amid a slowing economy and growing competition. Nevertheless, the company anticipates delivering around 1.8 million vehicles in 2023.
Tesla disclosed a first-quarter revenue of $23.33 billion and a net profit of $2.5 billion, down from $3.32 billion the previous year. Meanwhile, Bitcoin’s price has fallen below $30,000, currently trading at $29,248.71, according to CoinMarketCap.
Elon Musk has continued to show support for other cryptocurrencies, particularly Dogecoin (DOGE), mentioning it in recent interviews. In 2021, Tesla acquired $1.5 billion worth of Bitcoin and held 9,700 Bitcoin as of February 2023.
