According to Tesla’s Q3 earnings presentation, it managed to achieve its best-ever net income of $2.093 billion.
Yet, the e-car manufacturer registered Bitcoin-related impairments of $51 million during the third quarter.
Tesla neither sold nor bought more coins in Q3.
The company initially announced its mammoth $1.5 billion Bitcoin buy in February and later started accepting BTC payments, which were then halted in May due to environmental concerns.
Tesla sold 10 percent of its Bitcoin in Q1 to test the flagship crypto’s liquidity. It left its position unchanged in Q2 but was forced to report an impartment loss of $23 million due to the Bitcoin price downturn.
Alex DovbnyaIn June, CEO Elon Musk reaffirmed his commitment to the largest cryptocurrency despite being critical of its energy-intensive proof-of-work algorithm.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov