Tesla Still Holding $218M in Bitcoin — Elon Musk Expects Company to Be Worth More Than Apple and Saudi Aramco Combined

Tesla’s third-quarter equilibrium expanse shows that the electrical car institution is inactive holding $218 cardinal successful bitcoin. CEO Elon Musk claims that Tesla could beryllium worthy much than Apple and Saudi Aramco combined. The enforcement is besides “excited” astir acquiring Twitter.

Tesla Still Holds $218 Million successful Bitcoin

Tesla Inc. (Nasdaq: TSLA) released its third-quarter net results Wednesday. The company’s Q3 fiscal statements amusement that Tesla did not merchantability immoderate bitcoin during the quarter. Its equilibrium expanse inactive shows $218 cardinal successful integer assets, unchanged from the 2nd quarter.

Tesla’s Q3 2022 equilibrium sheet. Source: Tesla Inc.

At the clip of writing, the terms of bitcoin is $19,188 based connected information from Bitcoin.com Markets. Tesla bought $1.5 cardinal worthy of the cryptocurrency successful aboriginal 2021 and has not purchased immoderate much since. The institution sold astir 75% of its BTC holdings successful the 2nd 4th of this year.

In the 3rd quarter, Tesla’s gross roseate to $21.5 billion, compared with analysts’ projections of $22.1 billion. Profit excluding immoderate items roseate to $1.05 a share, exceeding the $1.01 mean of estimates compiled by Bloomberg.

During the company’s Q3 net call, Musk said Tesla could beryllium worthy much than the combined worth of Apple (Nasdaq: APPL) and Saudi Arabian Oil Company (Saudi Aramco) successful the future. The 2 are presently the world’s largest companies by marketplace cap. “For the archetypal clip I spot a mode for Tesla to beryllium astir doubly the worth of Saudi Aramco,” Musk said, elaborating:

This is the archetypal clip I’ve seen that potential.

At the clip of writing, Saudi Aramco’s marketplace headdress is $2.09 trillion portion Apple’s marketplace headdress sits astatine $2.31 trillion. Tesla’s marketplace headdress is $695.76 billion.

Elon Musk connected Recession

Musk besides shared his economical outlook during the call. He explained that “China is experiencing a recession of sorts,” mostly successful the spot markets, and “Europe has a recession of sorts driven by energy.” The Tesla enforcement continued:

North America’s successful beauteous bully health, though the Fed is raising involvement rates much than they should, but I deliberation they’ll yet recognize that and bring them down again.

Recently, Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon besides said that the U.S. system is doing good and consumers are successful bully signifier contempt inflation. Over the weekend, President Joe Biden said the U.S. system is “strong arsenic hell.”

Musk ‘Excited’ About Acquiring Twitter

The Tesla CEO besides commented connected his Twitter acquisition. He said:

I’m excited astir the Twitter concern … Myself and different investors are evidently overpaying for Twitter close present … [However] the semipermanent imaginable for Twitter successful my presumption is an bid of magnitude greater than its existent value.

Musk precocious revealed that buying Twitter accelerates the instauration of “X, the everything app.” He primitively tried to backmost retired of buying the societal media level but reversed course this period and decided to spell done with the purchase. The tribunal has fixed Musk until Oct. 28 to adjacent the acquisition to debar a trial.

What bash you deliberation astir the comments by Elon Musk? Let america cognize successful the comments conception below.

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