Tesla Reports Record Earnings This Quarter Partially Due to Bitcoin
Tesla reported $438 million in net income for the quarter, with $101 million coming from selling Bitcoin.
Tesla has a long history of strong earnings but this quarter the firm outdid itself with a little help from Bitcoin. According to its quarterly earnings report, the company reported $438 million in net income for the quarter, with $101 million coming from selling Bitcoin.
Tesla achieved this by investing $1.5 billion in the cryptocurrency earlier this year and then selling ten percent of its holdings, reported NPR. The company also reported record production figures.
"Elon and I were looking for a place to store cash that wasn't being immediately used, trying to get some level of return on this, but also preserve liquidity," Zach Kirkhorn, Tesla's chief financial officer said on the earnings call.