Contrary to recent speculation, Electric car manufacturer Tesla’s latest earnings report indicates that the company has maintained its Bitcoin holdings for the seventh consecutive quarter without any significant changes.
Observers had previously noted a discrepancy in Tesla’s reported Bitcoin holdings in March 2023. BitcoinTreasuries reported the company’s holdings at 9,720 BTC, while Arkham Intelligence’s dashboard showed that the company’s wallet had a balance of 11,509 BTC, indicating a difference of 1,789 BTC.
However, the latest earnings report confirms that Tesla’s Bitcoin holdings remain unchanged at 9,720 BTC. This debunks the previous speculation that the company may have acquired additional Bitcoin, as the balance on Arkham Intelligence’s dashboard was higher than the reported holdings. The discrepancy has been linked to a reporting error or a temporary fluctuation in the data displayed on the dashboard rather than an actual increase in Tesla’s Bitcoin holdings.
RELATED: Tesla’s Q4 2023 Financial Report: No Bitcoin Transactions in Q4 2023 Amidst Market Volatility
Meanwhile, during his presentation at the first-quarter earnings call on April 23, Tesla’s CEO, Elon Musk, unveiled new details of its long-awaited autonomous ride-hailing service. The service, according to Musk, aims to offer an Uber-like experience, allowing riders to summon supposedly driverless vehicles.
He explained that the program would work more like a “combination of Airbnb and Uber,” where Tesla would operate the main fleet, but the end-user would own cars in the fleet.
“That end-user can add or subtract their car to the fleet whenever they want, and they can decide if they want to only let the car be used by friends and family or only by five-star users or by anyone. At any time, they could have the car come back to them and be exclusively theirs like an Airbnb,”
Musk explained.
Musk hinted that the initial fleet would consist of around 7 million vehicles but predicted it could eventually be in the “tens of millions.”
Tesla is slated to showcase this “purpose-built” robotaxi, which Musk called “Cybercab” in August 2024.
The preview showcased features of the ride-hailing app, including the ability for riders to summon a vehicle, set the interior car temperature, track its location, and select music.
Despite missing analyst expectations for Q1 earnings and experiencing a significant 9% drop in revenue to $21.3 billion, Tesla’s shares reportedly surged by 13% in after-hours trading.
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