Tesla Takes $51M Impairment Charge for Bitcoin Holdings in Third Quarter
Electric car maker Tesla (TSLA) took an impairment charge of $51 million in the third quarter to account for its bitcoin holdings.
-
Elon Musk’s electric vehicle company reported no new sales or purchases of digital assets, according to its 3Q earnings presentation. The company currently holds $1.26 billion in bitcoin.
-
Bitcoin gained roughly 30% in the third quarter, rising to about $43,800.
-
Overall, Tesla’s adjusted Q3 earnings per share came in at $1.86 versus $1.62 expected, according to FactSet, while revenues came in at $13.76 billion vs. $14.00 billion expected.
-
Tesla’s share price fell 0.2% to $864.22 in after-hours trading on Wednesday.
Josh Fineman is CoinDesk’s Senior Wall Street Reporter, covering the intersection of crypto and traditional finance.
Subscribe to The Node, our daily report on top news and ideas in crypto.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
