Tesla Motors Announces About Huge Profit by Selling Bitcoin

Tesla Motors, which is famous for producing electric vehicles, recently announced that the company sold a certain portion of the Bitcoin in their possession. Previously, in February, Tesla announced that they have purchased Bitcoin worth 1.5 billion USD.

The announcement was done on Monday, soon after the first quarter of the year, 2021 is over. It was made public via a 30-page slide deck containing the company’s financial performance in the first quarter of the year.

After the sale, the net worth of Tesla became 272 million USD and according to the financial report, a positive impact of 101 million USD has been observed. In February when the purchase was done, it was 7.7% of Tesla’s total net worth in cash. Along with that, the company also announced that it will start accepting Bitcoin from the buyers. The buyers need not convert the cryptocurrency into USD.

Other than the announcement related to cryptocurrency, Tesla also mentioned their gross income in the first financial quarter of this year. The income of the electric car makers reaches an all-time high in the first quarter of 2021. Shareholders of the company will now earn 93 cents as pre-share earnings on revenue of 10.39 billion USD.

The leader of the organization and a successful person, Elon Musk expects that the sale of cars will increase by 50% worldwide. It implies that Tesla will start producing and delivering approximately 7.5 Lakhs of cars in the year 2021.

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