Tesla, a leader in the automotive and clean energy sectors under Elon Musk’s ownership, announced that during the first quarter of 2023, the company never sold any of its $321 million worth of Bitcoin (BTC). According to its Q1 update, this is the third consecutive quarter that Tesla has made no changes to its Bitcoin holdings, despite the cryptocurrency’s value rising from $16,500 to about $28,500 over the period.
Reuters reported that Tesla missed market estimates for its first-quarter margin on Wednesday as a result of aggressive price cuts aimed at stimulating demand in a sluggish economy and countering increasing competition. However, the company expects to achieve around 1.8 million vehicle deliveries in 2023.
Tesla’s first-quarter revenue was reported to be $23.33 billion, with a net profit of $2.5 billion, down from $3.32 billion a year earlier. Meanwhile, Bitcoin’s price has dipped below $30,000 and currently stands at $29,248.71, according to CoinMarketCap.
In recent interviews, Elon Musk has continued to express support for other cryptocurrencies, particularly Dogecoin (DOGE). Tesla purchased $1.5 billion in Bitcoin in 2021 and, as of February 2023, held 9,700 Bitcoin.