In spite of the prevailing bear market and the Elon Musk Twitter conundrum which has finally been resolved, Tesla continues to maintain its status as one of the biggest corporate holders of Bitcoin. Tesla, famous electric car manufacturer released this information as it prepares for its third quarter investor relations call.
According to a recently released public report, Tesla announced that it currently holds $218 million in Bitcoin. Back in July 2022, Tesla reportedly sold 75% of its cryptocurrency holdings in Bitcoin which amounted to an estimated $936 million when it was announced. Even after this sale was reported Tesla still held digital assets to the tune of $222 million on its balance sheet.
Musk mentioned during Tesla’s Q2 investor call that the Bitcoin sold was in a bid to raise cash to cushion the effects of the COVID lockdowns which persisted in China. There were concerns about making the best of the company’s cash situation since the COVID lockdowns in China continued under an atmosphere of uncertainties.
Tesla remains one of the publicly traded company that continues to maintain its position as a leading holder of Bitcoin. The electric manufacturer is only behind MicroStrategy which holds 130,000 BTC value at around $2.48 billion and Galaxy Digital Holdings which holds around 16,400 BTC worth around $313 million.
Musk’s proposition to buy Twitter and the legal battles which accompanied his initial attempt to back out of the deal was not considered when Tesla took its decision. The same situation is unlikely to affect the company’s opinion about cryptocurrencies.
A lot of excitement has followed the finalization of the acquisition of Twitter as users have expressed optimism about the changes they hope to experience on the platform. While the conversation was ongoing, Musk had extensive consultations about the future of the platform with tech entrepreneurs such as Jack Dorsey, Twitter’s previous owner and currently of Block Inc. fame and Sam Bankman-Fried of FTX. Some of the highlights of the changes proposed was inclusion of cryptocurrency payment options and Musk’s darling Dogecoin was touted.
What Musk proposed was an arrangement for users to pay a fraction to register a message on-chain in order to eliminate spam and bots by compelling users to post or repost comments using 0.1 Doge.
As originally reported in (https://decrypt.co/112368/aptos-token-plummetsapt-airdrop-early-network-participants)