Tesla Made $840M on Bitcoin
This is a revelation:
Late on the afternoon of April 27, I wrote a quick story right after Tesla posted its press release for Q1 earnings. From the numbers in the report, I estimated that the EV-maker had reaped total profits of around $840 million on its famous, $1.5 billion investment in the cryptocurrency, all made early in the first quarter. I expressed wonder that Elon Must reaped 60% more from speculating in Bitcoin than selling cars, batteries, and software updates.
Nice bet from Elon.
But, it's important to note that the price of Bitcoin is unstable.
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In the next quarter, I'll won't be surprised if it's reported that tesla lost ***million dollars on its investment in Bitcoin.
Is there any loss?
Since he is not thinking of opting out any time soon.
It's business, there would always be be losses, and certainly with what is going on in that space I expect a BIG one.
Anyways, it should be noted that analyst forecast that the BTC would surge to $100,000 within this decade, then witness another massive crash before it stablise after 2-3 years .
The question is who would lead the pack to that lofty height? Till then we keep our fingers crossed.
Morning Ayodele, hope you're good, in school?