Tesla earlier this year invested $ 1.5 billion in the purchase of Bitcoin coins, the transaction made by Elon Musk not being looked upon favorably by “specialists” in the field.
Possibly, even earlier than Tesla’s boss would have hoped, the investment turned into a net profit of $ 101 million. At the same time, Tesla still owns the equivalent of $ 1.3 billion in Bitcoin coins, just 10% less than at the time of the initial acquisition, which it could sell at the right time. In any case, we can say that the chances that the giant Tesla will remain at a loss after the sale of the Bitcoin coins remaining in the portfolio have decreased considerably.
To put things in perspective, Tesla confirms the sale of Bitcoin coins worth $ 272 million in the first quarter of 2021. Compared to a confirmed profit of $ 101 million, this is probably the most advantageous transaction made by the American company in its entire existence. . Although the American company does not detail the exact conditions, we can assume that the stated profit relates to the total amount initially invested, respectively, $ 1.5 billion.
The profit obtained from Bitcoin transactions is added only to the net income of $ 10.39 billion, respectively $ 438 million profit obtained in the first three months of 2021.
Unsurprisingly, Tesla’s management said in a conference with investors that it will continue to add Bitcoin coins to its investment portfolio, complementing the revenues from the production and sale of electric vehicles.
Probably directly responsible for the current success of the Bitcoin currency through publicly expressed support, Elon Musk could also hold a considerable number of Dodgecoin coins. Also promoted with posts on Twitter, Dodgecoin is now more than doubled in value, compared to the period before the support by the CEO of Tesla.
Robert J. Smith is still early into his career as tech reporter but has already had his work published in many major publications including JoyStiq and Android Authority. In regards to academics, Robert earned a degree in business from Fordham University. Robert has passion for emerging technology and covers upcoming products and breakthroughs in science and tech.