Tesla’s third quarter balance sheet shows that the electric car company still holds $218 million in bitcoins. CEO Elon Musk claims Tesla could be worth more than Apple and Saudi Aramco combined. The executive is also “excited” to acquire Twitter.
Tesla still holds $218 million worth of Bitcoin
Tesla Inc. (Nasdaq: TSLA) announced its third-quarter earnings results on Wednesday. The company’s third quarter financial reports show that Tesla did not sell any bitcoins during the quarter. Its balance sheet still shows $218 million in digital assets, unchanged from the second quarter.
At the time of writing, the price of bitcoin is $19,188, according to Bitcoin.com Markets. Tesla bought $1.5 billion worth of cryptocurrency in early 2021 and hasn’t bought it since. The company sold about 75% of its BTC holdings in the second quarter of this year.
In the third quarter, Tesla’s revenue rose to $21.5 billion, compared with analysts’ forecast of $22.1 billion. Excluding certain items, earnings rose to $1.05 a share, beating the $1.01 average of estimates compiled by Bloomberg.
During the company’s Q3 earnings call, Musk said Tesla could be worth more than the combined value of Apple (Nasdaq: APPL ) and Saudi Arabian Oil Company (Saudi Aramco) in the future. The two are currently the world’s largest companies by market capitalization. “For the first time, I see a way for Tesla to be about twice the value of Saudi Aramco,” Musk said:
This is the first time I see this potential.
At the time of writing, Saudi Aramco’s market cap is $2.09 trillion, while Apple’s market cap is $2.31 trillion. Tesla’s market cap is $695.76 billion.
Elon Musk on recession
Musk also shared his economic prospects during the call. He explained that “China is experiencing some kind of recession, mainly in property markets” and “Europe has some kind of energy-driven recession.” The Tesla executive continued:
The health of North America is pretty good, although the Fed has been raising interest rates more than they should, but I think they will figure it out and lower them again.
Recently, Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon also said the US economy is doing well and consumers are doing well despite inflation. Over the weekend, President Joe Biden said the US economy was “strong as hell.”
Musk ‘excited’ to acquire Twitter
The CEO of Tesla also commented on the acquisition of Twitter. He said:
I am excited about the state of Twitter… Myself and other investors are clearly overpaying for Twitter… [However] In my opinion, the long-term potential for Twitter is an order of magnitude greater than its current value.
Musk recently announced that buying Twitter would accelerate the creation of “X, the everything app.” It initially tried to walk away from buying the social media platform, but this month reversed course and decided to go ahead with the purchase. The court gave Musk until October 28 to close the purchase to avoid trial.
What do you think of Elon Musk’s comments? Let us know in the comment section below.
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