Musk's electric car company Tesla is hoarding bitcoin. The company's balance sheet shows holding $1.261 billion in cryptocurrency assets. Tesla has not bought or sold any crypto assets since the first quarter of last year.
Tesla holds Bitcoin
Tesla on Wednesday released its first quarter 2022 earnings report. Despite inflationary pressures, sales and profits from Musk's Tesla financial reports still exceeded Wall Street's expectations.
Tesla's sales grew 81 percent from $10.39 billion a year ago to $18.76 billion. Profit in the first quarter also jumped to $3.32 billion from $438 million in the previous year, an increase of 658%. Musk said at Wednesday's meeting: "I've never been so optimistic and excited.
As can be seen from Tesla's balance sheet, it holds up to $1.261 billion in digital assets.
Tesla's balance sheet for the first quarter of 2022
According to Tesla's cash flow statement, the company's only purchase of digital assets was in the first quarter of last year, when it bought $1.5 billion worth of bitcoin. The only sale of digital assets also occurred in the same quarter.
Tesla's first quarter 2022 cash flow statement
In January, some of the items on Tesla's website accepted Dogecoin payments. However, the company did not restore bitcoin payment methods.
Master has said that he sees Bitcoin as a store of value, while Dogecoin is better suited for trading. He said individuals hold Bitcoin, Ethereum and Dogecoin and will not sell them.
Musk recently took a stake in Twitter and said he would make "significant improvements" to the platform. He already holds a 9.2 percent stake in Twitter. Reported daily, Musk has received $46.5 billion to buy Twitter.