The world leader in electric vehicles, Tesla, published quarterly results yesterday evening which disappointed investors and caused a plunge in the stock market. But this publication was also an opportunity to learn about an update on the company's holdings in Bitcoin, which has long invested part of its cash in cryptocurrency.
According to the financial report published yesterday after the US stock market closed, the company led by Elon Musk,, did not sell any in the third quarter, and it did not buy any either.
Tesla in HODL mode on Bitcoin in the third quarter
The company also reported that the total value of its Bitcoin position remained stable at $218 million at the end of the second quarter, knowing that the cryptocurrency remained broadly stable over the period.
During the second quarter results, Tesla surprised investors and weighed on Bitcoin by announcing that it had sold 75% of its BTC holdings for more than 900 million dollars to raise funds.
Elon Musk said that the company had made this decision in the face of "uncertainty related to the COVID shutdown in China," stating that Tesla remained ready to buy more Bitcoin.
He also pointed out that Tesla's parting with three-quarters of its bitcoins "should not be taken as a verdict on bitcoin." In other words, it didn't mean that Musk or Tesla no longer believed in cryptocurrency.
Recall that the story of Bitcoin and Tesla began in February 2021, after the VE company announced that it had purchased $1.5 billion worth of bitcoins, which had caused the price of the cryptocurrency to jump sharply.
Another point addressed by Elon Musk last night on the occasion of the publication of the results of Tesla concerned the acquisition in progress of the social network Twitter.
Will Elon Musk introduce cryptos to Twitter?
Asked about it, Musk said, "I think it's an asset that's languished for a long time, but has incredible potential." He added, "Twitter's long-term potential is an order of magnitude greater than its current value. »
However, the arrival of Elon Musk as the head of Twitter could also greatly influence the world of cryptocurrencies, specifically, Dogecoin.
Indeed, while Elon Musk values Bitcoin for Tesla's cash flow, his favorite cryptocurrency is Dogecoin (DOGE). However, Musk has several times in the past mentioned a possible role for Dogecoin on the Twitter platform.
Thus, the takeover of Twitter by Elon Musk, whose imminence was confirmed last night, could precede the arrival of Dogecoin, Bitcoin, or other cryptocurrencies, in one form or another, on the social network. If this is confirmed, we must expect an intense explosion of the cryptos concerned.
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