As an analyst with over two decades of experience in the tech and finance industries, I find Tesla’s Q3 2024 earnings report to be a fascinating mix of growth and mystery. The revenue and net income figures are impressive, but the lack of clarity surrounding their digital asset holdings continues to intrigue me.
In Q3 2024, Tesla disclosed its financial report on October 23rd, indicating that throughout this quarter, the company did not liquidate the $184 million it had invested in digital assets and hasn’t sold any cryptocurrency for five straight business quarters.
As per the latest financial reports from the automotive company, the third-quarter earnings surpassed 25.18 billion dollars, although they were slightly lower than the 25.5 billion dollars earned in the second quarter. Notably, the net income for the quarter reached nearly 2.18 billion dollars, marking a significant jump from the 1.5 billion dollars recorded in Q2.
2021 saw the firm catch the attention of cryptocurrency investors, following news that Tesla made its first purchase of Bitcoin to the tune of $1.5 billion.
In light of this, market players have been keeping a close eye on Tesla and other public companies dealing with digital assets. They use these companies’ actions as indicators of larger institutional involvement, and also to stay informed about any selling trends that might influence the market negatively.
Wallets believed to belong to Tesla spark FUD
On October 15, according to on-chain analysis company Arkham Intelligence, wallets thought to be linked with Tesla started transferring Bitcoin. This Bitcoin was moved from a wallet that hadn’t been active since the year 2022, to a wallet whose identity remains unclear.
As per Arkham’s report, the digital wallets supposedly managed by Tesla are said to hold 11,509 Bitcoins, which were equivalent to around 750 million and seven hundred twenty-eight thousand seven hundred ninety-seven dollars at the moment of writing.
According to recent financial revelations from Tesla, it seems they haven’t liquidated any of their digital currency holdings as initially suggested. Yet, these financial documents have sparked some uncertainty regarding the exact quantity of digital assets that Tesla may possess.
Tesla stock sinks following recent Cybercab reveal
At a special gathering held on October 10th in Hollywood, California, Elon Musk showcased Tesla’s forthcoming fleet of autonomous taxis. This industrial magnate is optimistic about the future of self-driving vehicles and believes they will significantly reduce accidents caused by human error due to their ability to operate without a driver.
Regrettably, investors didn’t concur with Musk’s claim, promptly causing a 8% drop in Tesla’s share price after the unveiling of Robotaxi.
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2024-10-24 01:05