Tesla continues to hold its Bitcoin

Elon Musk's electric vehicle company, Tesla, has released its first-quarter earnings report.

According to the report, the company has continued to hold its Bitcoin and did not make any new Bitcoin purchases.

According to a Reuters report, Tesla had recently implemented an aggressive discount policy to boost demand and stay ahead of increasing competition due to global economic problems. Because of this policy, Tesla's earnings report came in at levels different from expectations.

The expectations of 14 analysts were that Tesla would achieve a gross profit margin of 22.4%. However, compared to these estimates, Tesla reported a gross profit margin of 19.3%.

Shares of the Texas-based electric car giant fell by approximately 4%.

Elon Musk had stated that they might resort to price cuts to increase volume due to the general stagnation in the markets. Following this statement, Tesla went on to lower prices several times in the US, China, and other markets.

According to analysts, there is a belief that Tesla may be forced to lower prices further due to the ongoing pressure in China.

The company, which purchased approximately 1.5 billion dollars worth of Bitcoin in February 2021, had announced in later periods that it had sold a portion of these assets.

Tesla currently holds 11,950 Bitcoin. The electric vehicle giant announced that it has not sold any of these assets.

Meanwhile, the leading cryptocurrency Bitcoin fell back below the 30,000 dollar level today. At the time of writing, the asset is trading at 29,226 dollars according to CoinMarketCap data.

News Source: 12punto