Bitcoin boosts Tesla profits by almost $600 million after accounting rule change
Posted: Jan 31, 2025
- Tesla profits rose 34% last quarter due to accounting rule change
- Nearly $600 million of Tesla's profits came from bitcoin gains
- Tesla's bitcoin stash value increased from under $200 million to over $1 billion
- Tesla's CFO confirmed $600 million mark-to-market benefit from bitcoin
- Tesla originally invested $1.5 billion in bitcoin in January 2021
- President Donald Trump's embrace of crypto industry has led to its resurgence
What do people on Reddit think?
🚨 Reddit sentiment: negative - Most comments reflect distrust or skepticism towards Tesla's financial practices and reported profitability, coupled with criticism of Elon Musk's promises and market behavior. Summarized comments: - Concerns about Tesla claiming unrealized gains as profit with potential future implications if Bitcoin dips - Discussion of the mark-to-market approach on cryptocurrencies and its impact on Tesla - Skepticism regarding Tesla's reported profits and their sources, calling it 'artificially boosted' - Criticism of Tesla missing sales targets despite a stock price increase - Comments on Tesla's profit composition, stating a significant portion is from temporary adjustments - Accusations of Tesla operating like a meme stock and comparisons to Enron - Alarm at Tesla's rising stock despite an 8% decrease in earnings - Critique of Elon Musk's history of overpromising on full self-driving technology - Contrast with Waymo's progress and skepticism of Tesla's advancements, questioning market behavior Stock tickers discussed: $TSLA
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