Elon Musk’s Tesla Still One of The Largest Holders of Bitcoin with $218M

Tesla remains one of the biggest bitcoin holders despite the bear market and the Twitter battle. During Tesla’s investor relations call ahead of its third quarter, the electric car maker revealed that its Bitcoin holdings remain unchanged from the second quarter of 2022.

Holding Millions of Bitcoin

As Tesla revealed in its report on Wednesday, it still holds $218 million in Bitcoin. Tesla announced in July that it had sold 75% of its Bitcoin holdings, a total of $936 million.

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On Tesla’s balance sheet at the end of June, it reported holding $222 million in “digital assets.” In the Q2 investor call, Musk has stated that the company is selling its Bitcoin in order to free up cash due to the COVID lockdowns in China.

“It was important for us to maximize our cash position, given the uncertainty of COVID lockdowns in China,” he said.

Even after the sale, Tesla remains one of the biggest Bitcoin holders among publicly traded companies, after MicroStrategy with 130,000 bitcoins (about $2.48 billion) and Galaxy Digital Holdings with 16,400 bitcoins (about $313 million).

Plan to Buy Twitter

The plan to purchase Twitter and Musk’s subsequent legal battle over wanting to back out of the deal weren’t considered at the time, nor have they seemed to have changed the company’s position on cryptocurrency.

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It was revealed in September that the world’s richest man had discussions with FTX’s Sam Bankman-Fried and Block Inc.’s Jack Dorsey about the potential future of the popular social media platform.

Dogecoin, Musk’s favorite cryptocurrency, was mentioned as a possible method of payment.

Basically, Musk said, the idea is to charge users 0.1 Doge for posting or reposting a message on-chain, which will eliminate the majority of spam and bots.

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Jamilatul Mahmudah

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