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- Elon’s Tesla did not purchase or sell any BTC in Q1 of 2023.
- The current BTC price is approximately $29,123.33.
Tesla, a prominent automotive company owned by Elon Musk, has released its financial results for the first quarter of 2023. On April 19, it was reported that Tesla did not engage in any buying or selling of the bitcoins (BTC) it possesses as of February 2023. Furthermore, the report indicates that Tesla’s total bitcoin holdings exceed 11,000 BTC, valued at over $348 million to date.
Tesla reveals none of their #Bitcoin was sold in Q1 2023 pic.twitter.com/ZIkhvn9m9k
— DogeDesigner (@cb_doge) April 19, 2023
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Following the Q1 update, sales experienced a slight decline to $23.33 billion, which was anticipated to be $23.39 billion. Meanwhile, the profit reported is around $2.5 billion, which is lower than the $3.32 billion recorded the previous year.
It is clear that Tesla liquidated 75% of its BTC in June 2022 for approximately $936 million when converted to fiat. However, when Tesla acquired 9,700 BTC in 2021, the cryptocurrency experienced a significant surge in value.
As a result, the current value stands at $29,123.33 according to CoinMarketCap. In the meantime, Elon is notably focused on meme coins, especially Dogecoin (DOGE). The recent logo change on Twitter has made a significant impact in the cryptocurrency market.
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