Tesla Bull Tries to Guess $TSLA Crypto Holdings Putting Number at 42,069 Coins, Elon Musk Clarifies They Don't Have that Many
(Photo : Screenshot From Commons.Wikipedia.org) Tesla Bull Tries to Guess $TSLA Crypto Holdings Putting Number at 42,069 Coins, Elon Musk Clarifies They Don't Have that Many

How much Bitcoin does Tesla own? A Tesla Bull tries to guess just how much actual Bitcoins the company owns, giving a pretty close estimate. Although Elon Musk confirmed that they did not own as many Bitcoins as the crypto whale was suggesting, the number was quite close.

Tesla Bull David Lee Estimate on Tesla Bitcoin Holdings

David Lee on Twitter has been a long-time Tesla bull and as an earlier investor, Lee has been tweeting left and right about different Tesla developments. With the company announcing that they were buying Bitcoin some time earlier, another curious question comes to picture, just how much Bitcoin does Tesla own?

According to David Lee, only Elon Musk, Tesla's master of coin, would actually do the following computations. The estimate was that 42,069 Bitcoins were reportedly bought at $35,040 which was the $BTC close price on 6/30. When multiplied together, this would then result in around $1.474 Billion or about $1.47 Billion as was previously disclosed in their 10-QQ.

Tesla Purchases $1.50 Billion in Bitcoin

The statement was accompanied with a snapshot of the "Note 3 - Digital Assets, Net" report. It was noted that during the six months which ended in June 30, 2021, they reportedly purchased and also received $1.50 billion in Bitcoin. With negative interest rates in Europe, Elon Musk actually said "we definitely move that into Bitcoin."

They noted that during the three and six months which ended on June 30, 2021, they also recorded $23 million and $50 million, respectively, of other impairment losses on those digital assets. They were also able to realize gains of $128 million in March of 2021.

Elon Musk Clarifies Number

The gains were reportedly presented net of the impairment losses in Restructuring as well as other in the consolidated statement of operations. It was then noted that as of June 30, 2021, the carrying value of their digital assets that were held was already at $1.31 Billion and that would reflect the cumulative impairments of $50 million. It was then noted that the fair market value of such digital assets that were held as of June 30, 2021 was computed to be around $1.47 billion.

Elon Musk then replied to the Tweet saying although the company does not have that many Bitcoins, they still do have a close number. Elon Musk has also previously played with the numbers 420 and 69 before and although the Bitcoin computation turned out to be inaccurate, since the number was close enough, at least the public has an idea of approximately how much Bitcoin does Tesla own.

Read Also: Amazon Officially Denies Plans to Use Crypto as Payment Method and Alleged Plans of Launching New Crypto Token in 2022

420 and 69

An example of Elon Musk's toy with the numbers 420 and 69 are seen in his company SpaceX. Apparently, the SpaceX Booster Ship launch was scheduled on 4/20 and its Booster 3 is actually 69m tall! Elon Musk clarified that this was just a coincidence but the numbers still do stand out.

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Written by Urian B.

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