Tesla’s third-quarter balance sheet shows that the electric car company is still holding $218 million in bitcoin. Tesla CEO Elon Musk believes that the company could be more valuable than Apple or Saudi Aramco. The executive is also “excited” about acquiring Twitter.
Tesla Holds $218M in Bitcoin
Tesla Inc.’s third quarter results were released by the company on Wednesday. The company’s Q3 financial statements show that Tesla did not sell any bitcoin during the quarter. Its balance sheet continues to show $218 millions in digital assets. That is the same as its second quarter.
Based on data provided by Bitcoin.com Markets, bitcoin’s current price is $19,188 at the time this article was written. Tesla acquired $1.5 billion in cryptocurrency early 2021. Since then, it has stopped buying any additional. In the second quarter, 75% of its BTC assets were sold by Tesla.
The third quarter saw Tesla’s revenue rose to $21.5 billion, compared with analysts’ projections of $22.1 billion. Profit after excluding certain items rose to $1.05/share, which is higher than the average Bloomberg estimate of $1.01.
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 discusses the Recession
Musk spoke on the phone about his outlook for economic growth. 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
He also spoke out about his Twitter acquisition. He added:
I’m excited about the Twitter situation … Myself and other investors are obviously overpaying for Twitter right now … [However]I believe that Twitter’s long-term potential is a magnitude higher than it currently stands.
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. Musk was given until Oct. 28 by court officials to finalize the purchase to avoid being tried.
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