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Tesla, the leading automotive and clean energy company owned by Elon Musk, announced that it never sold any of its $321 million worth of Bitcoin (BTC) holdings during the first quarter of 2023.



According to its <a href="https://tesla-cdn.thron.com/static/ZXSBN8_TSLA_Q1_2023_Update_ABMJPG.pdf?xseo=&amp;response-content-disposition=inline%3Bfilename%3D%22e826b065-cc14-467c-8c9c-e1feb7189ba8.pdf%22" rel="nofollow noopener" target="_blank">Q1 update</a>, this marks the third consecutive quarter with no changes to Tesla&#8217;s Bitcoin holdings, even as BTC&#8217;s value increased from $16,500 to approximately $28,500 during the quarter.



<h2 id="tesla-records-2-5-billion-net-profit">Tesla records $2.5 billion net profit</h2>



On Wednesday, Reuters <a href="https://www.reuters.com/business/autos-transportation/tesla-reports-quarterly-margin-below-estimates-2023-04-19/" rel="nofollow noopener" target="_blank">reported</a> that Tesla missed market estimates for its first-quarter margin due to a series of aggressive price cuts aimed at boosting demand amid a slowing economy and growing competition. Nevertheless, the company anticipates delivering around 1.8 million vehicles in 2023.



Tesla disclosed a first-quarter revenue of $23.33 billion and a net profit of $2.5 billion, down from $3.32 billion the previous year. Meanwhile, Bitcoin&#8217;s price has fallen below $30,000, currently trading at $29,248.71, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank">CoinMarketCap</a>.



Elon Musk has continued to show support for other cryptocurrencies, particularly Dogecoin (DOGE), mentioning it in recent interviews. In 2021, Tesla acquired $1.5 billion worth of Bitcoin and held 9,700 Bitcoin as of February 2023.

Tesla maintains $321 million Bitcoin holdings in Q1 2023, reports $2.5 billion net profit

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