Billionaire businessman Elon Musk’s Tesla unveiled its fourth-quarter earnings report which revealed that it didn’t make any changes in its Bitcoin stash with $184 million worth of Bitcoin still with them.
Tesla’s Q4 report shows that it did neither buy nor sell any of its Bitcoin for the second quarter in a row even after the market turbulence.
In the second quarter of 2022, Elon Musk’s Tesla sold 75% of its Bitcoin holdings, an investment that was worth $2 billion at the end of 2021 making a profit of $64 million. And in the Q3 2022 report, Tesla reported holding $218 Million in Bitcoin.
According to the Q4 report, Tesla had $184 million in digital assets as of December 31, 2022, as opposed to $218 million and this value change is attributable to $34 million in impairment charges brought on by the price decline of Bitcoin.
The overall earnings and revenue for Tesla have exceeded expectations with the fourth quarter’s overall revenue being $24.32 billion, or approximately $200 million more than the $24.16 billion estimate.
Instead of the anticipated $1.13, earnings per share came in at $1.19. Tesla also disclosed a 33% increase in automotive revenue over the previous year with total revenue of it being $21.3 billion.