Skip to main content

Tesla Still Holding $218M in Bitcoin — Elon Musk Expects Company to Be Worth More Than Apple and Saudi Aramco Combined

http://motleybloggers.com/wp-content/uploads/2022/10/tesla-still-holding-218m-in-bitcoin-elon-musk-expects-company-to-be-worth-more-than-apple-and-saudi-aramco-combined.jpg



Tesla Still Holding $218M in Bitcoin — Elon Musk Expects Company to Be Worth More Than Apple and Saudi Aramco Combined

Tesla’s third-quarter balance sheet shows that the electric car company is still holding $218 million in bitcoin. CEO Elon Musk claims that Tesla could be worth more than Apple and Saudi Aramco combined. The executive is also “excited” about acquiring Twitter.


Tesla Still Holds $218 Million in Bitcoin


Tesla Inc. (Nasdaq: TSLA) released its third-quarter earnings results Wednesday. The company’s Q3 financial statements 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.


Tesla’s Q3 2022 balance sheet. Source: Tesla Inc.

At the time of writing, the price of bitcoin is $19,188 based on data from MotleyBloggers.com Markets. Tesla bought $1.5 billion worth of the cryptocurrency in early 2021 and has not purchased any more since. The company sold about 75% of its BTC holdings in the second quarter of this year.


In the third quarter, Tesla’s revenue rose to $21.5 billion, compared with analysts’ projections of $22.1 billion. Profit excluding some items rose to $1.05 a share, exceeding the $1.01 average of estimates compiled by Bloomberg.


During the company’s Q3 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. The two are currently the world’s largest companies by market cap. “For the first time I see a way for Tesla to be roughly twice the value of Saudi Aramco,” Musk said, elaborating:


This is the first time I’ve seen that potential.


At the time of writing, Saudi Aramco’s market cap is $2.09 trillion while Apple’s market cap sits at $2.31 trillion. Tesla’s market cap is $695.76 billion.


Elon Musk on Recession


Musk also shared his economic outlook during the call. He explained that “China is experiencing a recession of sorts,” mostly in the property markets, and “Europe has a recession of sorts driven by energy.” The Tesla executive continued:


North America’s in pretty good health, although the Fed is raising interest rates more than they should, but I think they’ll eventually realize that and bring them down again.


Recently, Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon also said that the U.S. economy is doing well and consumers are in good shape despite inflation. Over the weekend, President Joe Biden said the U.S. economy is “strong as hell.”

Musk ‘Excited’ About Acquiring Twitter


The Tesla CEO also commented on his Twitter acquisition. He said:


I’m excited about the Twitter situation … Myself and other investors are obviously overpaying for Twitter right now … [However] the long-term potential for Twitter in my view is an order of magnitude greater than its current value.


Musk recently revealed that buying Twitter accelerates the creation of “X, the everything app.” He originally tried to back out of buying the social media platform but reversed course this month and decided to go through with the purchase. The court has given Musk until Oct. 28 to close the acquisition to avoid a trial.




Tags in this story

Elon Musk, Elon Musk twitter acquisition, Elon Musk twitter deal, Tesla, tesla bitcoin, tesla crypto, tesla cryptocurrency, tesla earnings, Tesla holding Bitcoin, Tesla Q3, Tesla third quarter, Tesla Twitter

What do you think about the comments by Elon Musk? Let us know in the comments section below.








Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.







Image Credits: Shutterstock, Pixabay, Wiki Commons

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. MotleyBloggers.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, 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.




Read disclaimer




Origina post from
https://motleybloggers.com/tesla-still-holding-218m-in-bitcoin-elon-musk-expects-company-to-be-worth-more-than-apple-and-saudi-aramco-combined/

Comments

Post a Comment

Popular posts from this blog

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a
Post a Comment
Read more

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis
Post a Comment
Read more

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

https://motleybloggers.com/wp-content/uploads/2022/06/bitcoin-is-dead-google-searches-skyrocket-bitcoin-obituaries-records-15-deaths-this-year.jpg According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit. The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD deno
Post a Comment
Read more