Tesla CEO Elon Musk has expressed concern that excessive government expansion leads to more regulators than participants, negatively impacting the system. Musk acknowledged the need for regulators but stressed they should not outnumber players. He reiterated that the government should act as a referee, setting sensible rules without hindering industry progress. Elon Musk Says Government […]
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Tesla Maintains Bitcoin Holdings — Balance Sheet Shows $184 Million in Digital Assets
Elon Musk’s electric car company, Tesla, has maintained its bitcoin holdings. The company’s Q1 balance sheet shows net digital assets of 4 million. According to crypto analytics firm Arkham, Tesla continues to hold onto its 11,509 bitcoins, which have a market value of over 5 million. Tesla Holding Onto Its Bitcoin Elon Musk’s electric car […]
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Elon Musk Backs DOGE for Tesla Payments — Says ‘Dogecoin to the Moon’
Tesla and Spacex CEO Elon Musk has expressed that Tesla should enable dogecoin as a payment method for its vehicles “at some point.” He exclaimed, “Dogecoin to the moon,” as he explained his reason for backing the meme cryptocurrency. “Lots of rich people were supporting bitcoin … But people on the line [at Tesla and […]
Bitcoin News
Here’s How Much Elon Musk’s Tesla And SpaceX Have Made From Their Bitcoin Holdings
A new report has revealed the total Bitcoin assets held by Elon Musk’s Tesla and SpaceX companies and how much profit they’re seeing so far.
Tesla And SpaceX Bitcoin Holdings Unveiled
On Thursday, March 7, Arkham Intelligence, an AI-based blockchain analytics platform, revealed the Bitcoin holdings of SpaceX and Tesla, two companies co-founded by X (formerly Twitter) owner, Elon Musk. The comprehensive report also outlined Tesla’s BTC transactions spanning from 2021 to 2024.
According to Arkham, Tesla had purchased about .5 billion worth of BTC in January 2021. Subsequently, the automotive company initiated multiple transfers, opting to sell off its Bitcoin holdings valued at 2 million in the first quarter of 2021 and about 6 million in the second quarter of 2022.
Arkham has claimed that the automotive company currently possesses a staggering 11,510 BTC, valued at 0 million. Furthermore, Tesla’s substantial Bitcoin holdings are reportedly spread across 68 wallet addresses.
On the other hand, SpaceX, a private space exploration and technology company, currently holds about ,290 BTC worth approximately 0 million. These assets are reportedly distributed across a total of 28 wallet addresses.
The combined BTC holdings of these two companies place them in a league comparable to the BTC holdings of major financial institutions. Tesla has secured the third position among the largest Bitcoin holders, with MicroStrategy leading the list, possessing around 190,000 BTC worth over billion.
Despite the considerable amount of BTC held by Musk’s companies, the CEO has seemingly had a love-hate relationship with Bitcoin. Earlier in 2023, Bitcoin crashed below ,000 after Musk’s SpaceX sold all its Bitcoin holdings. However, it seems the space company is showing more interest in BTC, as seen by its massive Bitcoin portfolio.
Tesla May Be Buying More BTC
A crypto community member, identified as “Definalist” on X, has shared insights, suggesting that Tesla might be increasing its involvement in Bitcoin. Referring to Arkham Intelligence’s report of Tesla’s BTC holdings, Definalist disclosed Tesla’s acquisition of an additional 1,790 BTC.
Definalist has revealed that in 2023, Tesla’s BTC balance sheet had held about 9,720 BTC. Fast forward to 2024, the automotive company’s portfolio has expanded to 11,510 BTC, revealing an unreported acquisition of an extra 1,790 BTC.
This significant Bitcoin purchase could be attributed to the growing enthusiasm for the cryptocurrency, driven by its recent bullish momentum and massive price increases. At the time of writing, Bitcoin is trading at a price of ,279, according to CoinMarketCap. The cryptocurrency previously surged to an all-time high of ,200 on March, 5, after which it retraced to its current price level.
On-Chain Analysis Reveals Tesla Has 11,509 Bitcoins and Spacex Owns 8,285 BTC, Says Arkham
Crypto analytics firm Arkham claims to have identified the bitcoin holdings of Elon Musk’s companies, Tesla and Spacex. “The on-chain fund flows we’ve identified match financial statements from Tesla and Spacex,” the firm detailed, stating: “We are the first to publicly identify these holdings on chain.” Bitcoin Holdings of Tesla and Spacex Crypto analytics firm […]
Bitcoin News
Binance’s Derivatives Arm Launches Tesla Model Y and Bitcoin Voucher Challenge
Binance has announced a competition through its crypto derivatives arm, Binance Futures, offering participants the chance to win a Tesla Model Y. According to the crypto exchange, the contest will unfold over four weekly challenges spanning from Feb. 18 to Mar. 17, 2024. Binance Futures Unveils Tesla Model Y Challenge and Daily Crypto Rewards Beginning […]
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Tesla Maintains Bitcoin Holdings — $184M in Digital Assets Shown on Balance Sheet
Elon Musk’s electric car company, Tesla, has maintained its bitcoin holdings. The company’s balance sheet for Q4 2023 shows net digital assets of 4 million. Musk is convinced that in the long term, Tesla will be the most valuable company on earth. The billionaire recently disclosed that another of his companies, Spacex, also owns “a bunch of bitcoin.”
Tesla’s Bitcoin Holdings Stand at 4 Million
Tesla, Elon Musk’s electric car company, released its fourth quarter 2023 earnings on Wednesday, showing net digital assets of 4 million on its balance sheet. Tesla has held this amount of digital assets since the fourth quarter of 2022.
Tesla previously explained that its digital assets were made up almost entirely of bitcoin (BTC), noting that while the company accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise, the amount of dogecoin it has accumulated is very small.
Musk acknowledged during the earnings call that “there’s going to be bumps along the way” for Tesla, but he insisted:
Long term, I am convinced that Tesla will be the most valuable company on earth.
Tesla invested .5 billion in BTC in Q1 2021 but sold 75% of its holdings in Q2 2022. Musk explained at the time that the company is “certainly open” to increasing its bitcoin holdings in the future, noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”
The billionaire also recently disclosed that another of his companies, Spacex, also holds “a bunch of bitcoin.” Moreover, Musk himself owns “a bunch of” dogecoin alongside bitcoin and ether (ETH). While Musk and his companies hold cryptocurrencies, he recently said that he doesn’t spend a lot of time thinking about crypto. He also said in November last year that none of his companies will ever create a crypto token.
The Tesla boss is currently building his social media platform X into what he envisions as a “powerful” financial platform. He aims for users to conduct all their financial activities on X, potentially eliminating the need for traditional bank accounts. X has secured 12 money transmitter licenses across the U.S.
What do you think about Tesla maintaining its bitcoin holdings? Let us know in the comments section below.
Tesla CEO Elon Musk Calls for ‘Comprehensive Deregulation’ After Predicting SEC Overhaul
Billionaire Elon Musk, the CEO of Tesla and Spacex, has underscored the need for “comprehensive deregulation.” He made this call in response to several actions by the U.S. Securities and Exchange Commission (SEC) that he believes are severely constraining our civilization. This comes after his prediction of a “comprehensive overhaul” of the SEC with 100% probability.
Elon Musk: Comprehensive Deregulation Needed
Tesla and Spacex CEO Elon Musk has emphasized the need for “comprehensive deregulation.” This followed his prediction that the U.S. Securities and Exchange Commission (SEC) will undergo a “comprehensive overhaul” with 100% probability. In a recent post on his social media platform, X, the billionaire stated: “There needs comprehensive deregulation. Period.”
Musk’s statement came as the SEC is overreaching in several areas, including crypto. Numerous U.S. lawmakers, regulators, businesses, and individuals have voiced concerns regarding the SEC’s actions. There is even a bill introduced in Congress to remove SEC Chairman Gary Gensler.
A recent rule proposal by the SEC, aimed at regulating predictive data analytics (PDA) and artificial intelligence (AI), has caught Musk’s attention. Gensler has warned about the potential for AI to trigger a financial crisis in the coming decade.
On Saturday, Vladimir Tenev, the CEO of financial services company Robinhood Markets, cautioned on X that this new rule “would severely curb financial services firms from using technology to serve customers,” which in turn “would have a major impact on investors.” He explained: “The rule is so broad, it would demand costly manual reviews on almost all tech applications, even basic things like color choices in app design and simple A/B testing.”
The Robinhood executive further warned: “The SEC admitted that the rule would be so difficult and costly to comply with, maybe even impossible, that firms might be forced to stop using technology to serve customers altogether. And, they have yet to identify any specific actual investor harm caused by technology. The real harm is that it will become more difficult and expensive for customers to invest and trade.”
Commenting on Tenev’s concern regarding the SEC’s predictive data analytics rule proposal, Musk wrote on X:
Our civilization is being slowly strangled to death one regulation at a time.
The Tesla boss is presently facing a lawsuit from the SEC. The securities regulator is taking legal action to compel him to testify regarding his acquisition of the social media platform Twitter, now rebranded as X. Musk had previously expressed his lack of respect for the SEC, stating, “I do not respect the SEC.” In a recent development, Musk, along with Dallas Mavericks owner Mark Cuban and several others, jointly submitted an amicus brief in support of the defendants in a Supreme Court case against the SEC.
Do you think there is a need for comprehensive deregulation as Elon Musk suggested? Let us know in the comments section below.
Tesla Maintains $184M Bitcoin Holdings as Elon Musk Flags Concerns Over High Interest Rates
Tesla’s third-quarter financial statement reveals that the electric car company has not sold any of its bitcoin. Its most recent balance sheet shows that Tesla continues to hold bitcoin valued at 4 million. Meanwhile, Tesla CEO Elon Musk has raised concerns about the high-interest rate environment affecting the auto industry.
Tesla’s Q3 Earnings Report
Tesla (Nasdaq: TSLA) released its third-quarter earnings results on Wednesday. The company reported .35 billion in revenue and .85 billion in profits, marking declines compared to the previous quarter.
Despite its earnings missing Wall Street expectations, the electric car company’s balance sheet still shows net digital assets of 4 million. This is the fourth straight quarter that Tesla has recorded the same value for its digital assets, which mostly consist of bitcoin (BTC).
Tesla invested .5 billion in BTC in Q1 2021 but sold 75% of its holdings in Q2 2022. Musk explained at the time that the company is “certainly open” to increasing its bitcoin holdings in the future, noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.” Tesla’s filing with the U.S. Securities and Exchange Commission (SEC) also states: “We may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions.” In January, Tesla’s SEC filing showed the fair market value of the company’s BTC holdings was 1 million at the end of 2022.
The electric car company also accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise, which accounted for an “immaterial amount” of digital assets as stated in the company’s SEC filing.
During Tesla’s Q3 earnings call on Wednesday, CEO Elon Musk highlighted several concerns affecting his company’s profitability, including the high interest rate environment. He stressed:
I am worried about the high interest rate environment that we’re in. I just can’t emphasize this enough that the vast majority of people buying a car is about the monthly payment.
“As interest rates rise, the proportion of that monthly payment that is interest increases naturally,” Musk said. “If interest rates remain high or if they go even higher, it’s that much harder for people to buy the car. They simply can’t afford it.”
What do you think about Tesla maintaining its bitcoin holdings and Elon Musk’s interest rate concerns? Let us know in the comments section below.
Tesla CEO Elon Musk Predicts ‘Comprehensive Overhaul’ of SEC With 100% Probability
Billionaire Elon Musk has called for a “comprehensive overhaul” of regulatory agencies, which includes the U.S. Securities and Exchange Commission (SEC). The Tesla and Spacex CEO added that there needs to be a commission to take punitive action against individuals who abuse their regulatory power for personal and political gain.
Elon Musk Says Comprehensive Overhaul of Regulatory Agencies ‘Sorely Needed’
Tesla and Spacex CEO Elon Musk has called for a thorough overhaul of regulatory bodies, including the U.S. Securities and Exchange Commission (SEC). He made this call after the securities regulator sued him to force him to testify about his acquisition of social media platform Twitter, now known as X.
In response to X user Mario Nawfal, who shared the news of Musk being sued by the SEC, the Tesla CEO wrote:
A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain. Can’t wait for this to happen.
Moreover, another X user asked Musk: “Will it ever happen?” The billionaire replied: “I estimate the probability at 100%”
On Thursday, the SEC announced that it had filed a subpoena enforcement action against Musk. The regulator is seeking a court order to compel the Tesla boss to attend an investigative testimony concerning his purchase of Twitter. This was not the first time the SEC had sued Musk. In 2018, the securities regulator sued him for securities fraud after he attempted to take Tesla private. Musk reached a settlement with the SEC, resulting in both he and Tesla paying individual penalties of million. Additionally, the billionaire consented to resign as the chairman of Tesla’s board.
Musk has frequently voiced his disapproval of the SEC. During a December 2013 interview with “60 Minutes,” he clarified that he adhered to the settlement agreement with the SEC out of respect for the justice system. He stressed at the time: “I do not respect the SEC. I do not respect them.”
Several U.S. lawmakers have called for an overhaul of the SEC. Congressman Warren Davidson (R-OH) has proposed the SEC Stabilization Act. The bill would remove the role of the SEC chairman and add a sixth commissioner, “so there would be no more than three from any one political party,” the congressman recently explained. Furthermore, various individuals have forecasted a potential transformation within the SEC in the event of a Republican president being elected, among them former SEC internet enforcement chief John Reed Stark.
Do you agree with Elon Musk that a comprehensive overhaul of the SEC and other regulatory agencies is sorely needed? Let us know in the comments section below.