Tesla Still Holds $218 Million in Bitcoin – Elon Musk Expects Company to Be Worth More Than Apple and Saudi Aramco Combined – Featured Bitcoin News

Tesla’s balance sheet for the third quarter shows that the electric car company is still sitting on $218 million in bitcoin. CEO Elon Musk claims Tesla could be worth more than Apple and Saudi Aramco combined. The manager is also “thrilled” to acquire Twitter.

Tesla still has $218 million in Bitcoin

Tesla Inc. (Nasdaq: TSLA) announced its third-quarter results on Wednesday. The company’s quarterly accounts show that Tesla did not sell any bitcoin during the quarter. The balance still shows 218 million dollars in digital assets, unchanged from the second quarter.

At the time of writing, the price of bitcoin is $19,188 based on data from Bitcoin.com Markets. Tesla bought the cryptocurrency for $1.5 billion in early 2021 and hasn’t bought any more since. The company sold around 75% of its BTC holdings in the second quarter of this year.

In the third quarter, Tesla’s revenue rose to $21.5 billion, compared with analysts’ estimates of $22.1 billion. Earnings excluding certain items rose to $1.05 a share, beating the $1.01 average in estimates compiled by Bloomberg.

During the company’s Q3 earnings call, Musk said Tesla could be worth more than the combined value of Apple (Nasdaq: APPL) and Saudi Arabian Oil Company (Saudi Aramco) in the future. The two are currently the world’s largest companies by market value. “For the first time, I see a way for Tesla to be about twice as high as Saudi Aramco,” Musk said, elaborating:

This is the first time I see that potential.

At the time of writing, Saudi Aramco’s market value is $2.09 trillion, while Apple’s market value is $2.31 trillion. Tesla’s market capitalization is $695.76 billion.

Elon Musk on recession

Musk also shared his economic outlook during the call. He explained that “China is experiencing a kind of recession,” mostly in real estate markets, and “Europe has a kind of recession driven by energy.” The Tesla CEO continued:

North America is in pretty good health, although the Fed is raising rates more than they should, but I think they will eventually realize that and bring them back down.

Recently, Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon also said the U.S. economy is doing well and consumers are in good shape despite inflation. Over the weekend, President Joe Biden said the US economy is “strong as hell”.

Musk “thrilled” to acquire Twitter

The Tesla CEO also commented on his Twitter acquisition. He said:

I am excited about the Twitter situation… Myself and other investors are obviously paying too much for Twitter right now… [However] the long-term potential for Twitter in my view is an order of magnitude greater than its current value.

Musk recently revealed that buying Twitter is accelerating the creation of the “X, everything app.” He initially tried to back out of buying the social media platform, but reversed course this month and decided to go through with the purchase. The court has given Musk until October 28 to close the acquisition to avoid a lawsuit.

What do you think of Elon Musk’s comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.