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Elon Musk, CEO of Tesla, stated that he still owns bitcoin and has not sold any of his holdings. Tesla, however, has sold some of its bitcoins for the purpose of proving its liquidity. The Tesla Group’s unaudited statement of cash flows includes an entry for “Benefits from sales of digital assets” in the amount of $272 million. Tesla’s Master of Coin said the company holds bitcoin because it believes in its value and will keep selling the cryptocurrency alongside its car sales. A week before the earnings call, bitcoiners could not wait to hear just how many more bitcoins Tesla had acquired since its original investment of $1.5 billion.
Tesla said during the earnings call: We also invested $1.5 billion in bitcoin during the quarter, then sliced our position by 10%, which contributed to a small profit in our Q1 financials. There is an upward trend.
The Tesla Group’s unaudited statement of cash flows includes an entry for “Benefits from sales of digital assets” in the amount of $272 million. Prior to the earnings call, bitcoiners were hoping to hear how many more bitcoins Tesla had purchased since its original investment of $1.5 billion early this year. However, Tesla revealed that it actually sold some BTC during the quarter.
Zachary Kirkhorn, Tesla’s chief financial officer whose title was changed to Master of Coin, said during the earnings call:
We also invested $1.5 billion in bitcoin during the quarter, then trimmed our position by 10%, which contributed to a small gain in our Q1 financials.
Tesla’s unaudited statement of cash flows shows an entry for “Proceeds from sales of digital assets” that amounted to $272 million. "No, I don't." Musk replied.
“Kirkhorn explained during the earnings call that “Elon and I were looking for a place to keep money that wasn't being used right now, avoiding liquidity, but also trying to earn some interest. Bitcoin seemed a good decision at the time,” he continued. Any
The news of Tesla selling some of its bitcoins went viral on social media and many people on Twitter are upset with Elon Musk, the CEO whose title was changed to Technoking of Tesla.
“We were able to build our first position quickly,” Kirkhorn concluded. As we did the final sale in March, we were also able to handle that extremely quickly. So, when we think about global liquidity for the business in risk management, being able to get cash in and out of the markets is something that I think is exceptionally important for us.” The Master of Coin at Tesla emphasized: "We do believe in the long-term value of bitcoin." Consequently, we intend to hold the funds we have long-term and to continue to acquire bitcoin from transactions conducted by our customers as they purchase vehicles.How many bitcoins do you think Elon Musk has and what do you think of Tesla selling some bitcoins to prove liquidity?”
Musk replied: “No you do not.” He proceeded to reveal, “I have not sold any of my bitcoin,” confirming that “Tesla sold 10% of its holdings.” The Tesla technoking claims that the BTC sale was “essentially to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.”
Tesla’s Bitcoin Strategy Going Forward
Kirkhorn explained during the earnings call: “Elon and I were looking for a place to store cash that wasn’t being immediately used, trying to get some level of return on this, but also preserve liquidity … The Bitcoin.com website does not provide investment, tax, legal, or accounting advice.
Both the company and the author are not responsible for any loss or damage caused by, or alleged to be caused by, use of or reliance on any content, goods, or services written in this article. Here are the disclaimersShow comments . Elon Musk, CEO of Tesla, stated that he still owns bitcoin and has not sold any of his holdings. And so as we think about kind of global liquidity for the business in risk management, being able to get cash in and out of the market is something that I think is exceptionally important for us.”
Tesla’s Master of Coin emphasized:
We do believe long term in the value of bitcoin. So it is our intent to hold what we have long term and continue to accumulate bitcoin from transactions from our customers as they purchase vehicles.
Tesla revealed that it did sell some bitcoin during the quarter.Zachary Kirkhorn, Tesla’s chief financial officer who has been renamed Master of Coin, said of the quarter: Tesla has an entry on its unaudited statement of cash flows that mentions profits from sales of digital assets that totaled $272 million.
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Disclaimer: This article is for informational purposes only. In the end, he makes a fortune off the sale.” Bitcoin.com does not provide investment, tax, legal, or accounting advice. In reply to this, he said, “I have not sold any bitcoin,” confirming Tesla had sold 10% of its holdings.
