Tesla’s third-quarter balance sheet shows that the electric car company still owns $218 million in bitcoin. CEO Elon Musk claims that Tesla may be more valuable than Apple and Saudi Aramco combined. The CEO is also “excited” about acquiring Twitter.
Tesla still owns $218 million in Bitcoin
Tesla Inc. has released. (Nasdaq: TSLA) reported its third-quarter earnings results on Wednesday. The company’s third-quarter financials show that Tesla did not sell any bitcoin during the quarter. Its balance sheet still shows $218 million in digital assets, unchanged from the second quarter.
At the time of writing, the price of Bitcoin is at $19,188 based on data from Bitcoin.com Markets. Tesla bought $1.5 billion worth of cryptocurrency in early 2021 and hasn’t bought any more since. The company sold about 75% of its bitcoin holdings in the second quarter of this year.
in the third quarter, Tesla’s revenue rose to $21.5 billion, compared to analyst expectations of $22.1 billion. Earnings excluding some items rose to $1.05 per share, topping the $1.01 average of estimates compiled by Bloomberg.
During the company’s third-quarter earnings call, Musk said Tesla could be worth more than the combined value of Apple (NASDAQ:APPL) and Saudi Arabian Oil Company (Saudi Aramco) in the future. They are currently the largest companies in the world by market capitalization. “For the first time I see a way to make Tesla almost twice as valuable as Saudi Aramco,” Musk said, explaining:
This is the first time I’ve seen this possibility.
At the time of writing, Saudi Aramco has a market capitalization of $2.09 trillion while Apple has a market capitalization of $2.31 trillion. Tesla has a market capitalization of $695.76 billion.
Elon Musk on recession
Musk also shared his economic outlook during the call. He explained that “China is experiencing a kind of recession”, especially in the real estate markets, and that “Europe is experiencing a kind of recession driven by energy.” Follow the Tesla CEO:
North America is healthy, although the Fed is raising rates more than they should, but I think eventually they will realize that and lower them again.
Recently, Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon said the US economy is doing well and consumers are doing well despite inflation. Over the weekend, President Joe Biden said the US economy is “strong as hell.”
Musk is “excited” to acquire Twitter
The Tesla CEO also commented on his Twitter acquisition. He said:
I’m excited about the state of Twitter…myself and other investors are clearly overpaying for Twitter at the moment… [However] The long-term potential of Twitter in my view is an order of magnitude greater than its current value.
Musk recently revealed that buying Twitter is speeding up the creation of “X, apply everything.” He originally tried to undo the social media platform purchase but reversed course this month and decided to continue with the purchase. The court gave Musk until October 28 to close the acquisition to avoid prosecution.
What do you think of Elon Musk’s comments? Let us know in the comments section below.
photo credits: Shutterstock, Pixabay, Wikicommons
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Originally published at San Jose News Bulletin
No comments:
Post a Comment