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Tesla Still Holding $218M in Bitcoin — Elon Musk Expects Company to Be Worth More Than Apple and Saudi Aramco Combined – Featured Bitcoin News
Tesla’s third-quarter steadiness sheet reveals that the electrical automobile firm remains to be holding $218 million in bitcoin. CEO Elon Musk claims that Tesla might be price greater than Apple and Saudi Aramco mixed. The manager can be “excited” about buying Twitter.
Tesla Nonetheless Holds $218 Million in Bitcoin
Tesla Inc. (Nasdaq: TSLA) launched its third-quarter earnings outcomes Wednesday. The corporate’s Q3 monetary statements present that Tesla didn’t promote any bitcoin throughout the quarter. Its steadiness sheet nonetheless reveals $218 million in digital property, unchanged from the second quarter.
On the time of writing, the value of bitcoin is $19,188 based mostly on information from Bitcoin.com Markets. Tesla purchased $1.5 billion price of the cryptocurrency in early 2021 and has not bought any extra since. The corporate offered about 75% of its BTC holdings within the second quarter of this yr.
Within the third quarter, Tesla’s income rose to $21.5 billion, in contrast with analysts’ projections of $22.1 billion. Revenue excluding some gadgets rose to $1.05 a share, exceeding the $1.01 common of estimates compiled by Bloomberg.
Through the firm’s Q3 earnings name, Musk stated Tesla might be price greater than the mixed worth of Apple (Nasdaq: APPL) and Saudi Arabian Oil Firm (Saudi Aramco) sooner or later. The 2 are at present the world’s largest firms by market cap. “For the primary time I see a means for Tesla to be roughly twice the worth of Saudi Aramco,” Musk stated, elaborating:
That is the primary time I’ve seen that potential.
On the time of writing, Saudi Aramco’s market cap is $2.09 trillion whereas Apple’s market cap sits at $2.31 trillion. Tesla’s market cap is $695.76 billion.
Elon Musk on Recession
Musk additionally shared his financial outlook throughout the name. He defined that “China is experiencing a recession of kinds,” principally within the property markets, and “Europe has a recession of kinds pushed by vitality.” The Tesla govt continued:
North America’s in fairly good well being, though the Fed is elevating rates of interest greater than they need to, however I feel they’ll finally understand that and convey them down once more.
Just lately, Financial institution of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon additionally stated that the U.S. financial system is doing nicely and shoppers are in fine condition regardless of inflation. Over the weekend, President Joe Biden stated the U.S. financial system is “sturdy as hell.”
Musk ‘Excited’ About Buying Twitter
The Tesla CEO additionally commented on his Twitter acquisition. He stated:
I’m excited in regards to the Twitter state of affairs … Myself and different traders are clearly overpaying for Twitter proper now … [However] the long-term potential for Twitter in my opinion is an order of magnitude higher than its present worth.
Musk lately revealed that purchasing Twitter accelerates the creation of “X, the all the pieces app.” He initially tried to again out of shopping for the social media platform however reversed course this month and determined to undergo with the acquisition. The court docket has given Musk till Oct. 28 to shut the acquisition to keep away from a trial.
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