Tesla Sells Bitcoin In Q1 For Proceeds Of $272M; Elon Musk Is Still Holding His BTC

It’s been just revealed that Tesla sold some of its BTC stash during Q1 for $272 million in proceeds.

CoinDesk notes that this sale trimmed Tesla’s position by 10%, Tesla CFO Zach Kirkhorn said on an earnings call this Monday.

In the slide deck that is accompanying the company’s Q1 earnings results Monday, Tesla mentioned the sale of some BTC.

“Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in ‘Restructuring & Other’ line) were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses,” as the online publication mentioned above notes.

Elon Musk’s electric vehicle company purchased $1.5 billion worth of BTC in February.

Musk might have his own BTC

When people got angry with Musk following this announcement, someone posted the following tweet.

Someone commented: “f his business own Bitcoin, of course, he’s got some for himself… and I do believe he buys DOGE as well. … Not a lot but some… because it might be the Bitcoin killer. lol.”

A follower pointed out this: “Bingo. They’re not merely investing. They’re USING #bitcoin. They are USING Bitcoin like Satoshi wanted it used. They know full well they only profited so much with that “little” amount.”

Someone said: “Of course – this was a smart move. Boost Tesla’s Q1 EPS, realize and tax bitcoin profits. The example is set, other corporations will follow has they see Tesla amassing a lot of million dollars by investing in bitcoin.”

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $54,658.73.

Previous Article
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
>