Elon Musk reveals Tesla Owns About 42K Bitcoins

Elon Musk
Elon Musk

Elon Musk reveals Tesla Owns About 42K Bitcoins – Tesla’s technoking, Elon Musk, has commented on how many bitcoins his electric car company owns in response to a rough calculation provided on Twitter by Tesla shareholder Dave Lee.

In his calculation, Lee used $1.47 billion as the fair market value of Tesla’s entire bitcoin holdings as shown in the company’s Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC). Tesla wrote:

As of June 30, 2021, the carrying value of our digital assets held was $1.31 billion, which reflects cumulative impairments of $50 million. The fair market value of such digital assets held as of June 30, 2021 was $1.47 billion.

Elon Musk reveals Tesla Owns About 42K Bitcoins
Elon Musk reveals Tesla Owns About 42K Bitcoins

Lee also used the price of bitcoin at close on June 30, which was about $35,040. On that day, the high of the BTC price was $35,189.75 and the low was 34,155.90 based on data from coingecko.

His estimate suggests that Tesla is holding 42,069 BTC. Musk subsequently replied: “We don’t have that many bitcoin, but it’s close.”

Tesla bought bitcoin worth $1.5 billion in the first quarter. The company also began accepting the cryptocurrency as a means of payment in March but stopped in May citing environmental concerns. However, Musk said at a recent bitcoin event, “The B Word,” that Tesla will likely resume accepting bitcoin.

At the end of the second quarter, the company reported its bitcoin holdings worth $1.311 billion after impairments. In April, the electric car company’s bitcoin stash was worth $2.5 billion.

Not only does Tesla own bitcoin, but Musk also revealed during the B Word event that he personally owns BTC, as does his other company, Spacex. Musk also owns ether and dogecoin.

According to a list of bitcoin treasuries, the only public company that owns more bitcoin than Tesla is Microstrategy. Led by the pro-bitcoin Michael Saylor, Microstrategy has made accumulating BTC one of its primary objectives. The company currently hodls approximately 105,085 bitcoins.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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