Electric car manufacturer Tesla, headed by Dogecoin (DOGE) advocate Elon Musk, announced its first quarter balance sheet for 2022. Here are the details…
Tesla’s first-quarter balance sheet lacked Dogecoin (DOGE)
The electric automaker’s quarterly earnings report on Wednesday revealed that Tesla’s (TSLA) Bitcoin holdings were valued at 1.26 billion in the second straight quarter. He said the dollar remained unchanged. In both the first quarter and the fourth quarter of last year, Tesla did not buy or sell any Bitcoin (BTC). Also, since the Bitcoin price has remained stable since the end of the previous quarter, it has not recorded any deterioration in the value of its assets.
In the third quarter of last year, Tesla did not increase or decrease Bitcoin holdings, but it was requested to report that it experienced a $51 million depreciation to reflect the drop in the price of the cryptocurrency. According to accounting rules for digital assets, if the price of an asset drops quarterly, the company must report that the value has decreased. However, if the price rises, the asset is not shown as a gain on the balance sheet unless it is sold.
Will Bitcoin and Dogecoin be included in Elon Musk’s speech?
Tesla announced in February that it had purchased $1.5 billion worth of Bitcoin. Later in the first quarter, the company reduced its Bitcoin position by 10 percent, a sale that increased that quarter’s earnings by $272 million. Tesla did not buy or sell any Bitcoin in the second quarter. Overall, Tesla’s adjusted first-quarter earnings per share came in at $3.22, compared to the $2.26 analysts had expected. Revenue came in at $18.8 billion versus the expected $17.85 billion.
Tesla’s share price rose 3.6% to $1,012.01 in after-hours trading Wednesday. Stocks are down close to 3 percent since the start of the year. As we reported on Kriptokoin.com, Tesla CEO Elon Musk recently made headlines with an unsolicited $43 billion offer to make Twitter (TWTR) private. It is eagerly awaited whether Elon Musk, who will take part in Tesla’s earnings meeting today, will make a comment on crypto money investment. The earnings meeting will take place at around midnight today.
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