Tesla, an electric car manufacturer led by Dogecoin (DOGE) supporter Elon Musk, has announced its balance sheet for the first quarter of 2022. Here are the details…
Tesla did not have Dogecoin (DOGE) on its balance sheet for the first quarter
The electric car maker said in its quarterly earnings report on Wednesday that the value of Tesla’s (TSLA) bitcoin assets remained unchanged at $1.26 billion for the second consecutive quarter. In both the first and fourth quarters of last year, Tesla did not buy or sell bitcoins (BTC). In addition, since bitcoin’s price has remained stable since the end of the previous quarter, it has not recorded any deterioration in the value of its assets.
In the third quarter of last year, Tesla did not increase or decrease its bitcoin assets, but it was asked to report that its value decreased by $51 million, reflecting the drop in the price of the cryptocurrency. According to the rules of accounting for digital assets, if the price of an asset falls quarterly, the company must report a decrease in value. However, if the price rises, the asset is not reflected in the balance sheet as income, unless it is sold.
Will Bitcoin and Dogecoin be included in Elon Musk’s speech?
In February, Tesla announced the purchase of $1.5 billion worth of bitcoin. Later in the first quarter, the company reduced its bitcoin positions by 10 percent, which increased profits for that quarter by $272 million. Tesla did not buy or sell bitcoins in the second quarter. Overall, Tesla’s adjusted first-quarter earnings per share were $3.22, compared with analysts’ expected $2.26. Revenue amounted to $18.8 billion against the expected $17.85 billion.
Tesla’s stock price rose 3.6% to $1,012.01 in after-hours trading on Wednesday. The stock has fallen almost 3% since the beginning of the year. As we reported on Somagnews, Tesla CEO Elon Musk recently hit the headlines with an unsolicited $43 billion offer to make Twitter (TWTR) closed. They are looking forward to whether Elon Musk, who will take part in the Tesla revenue meeting today, will comment on investments in cryptocurrency. The revenue meeting will be held around midnight today.