Tesla makes more money on bitcoin than on electric cars
Another courageous decision made by Tesla founder Elon Musk resulted in hefty returns for the company. While investors criticized Musk's initiative to buy bitcoins and demanded to limit the amount that can be invested in cryptocurrencies, Tesla’s revenue from bitcoins turned out to be higher than that from selling cars.
Earlier, Elon Musk announced that Tesla had purchased $1.5 billion worth of the cryptocurrency. This move caused another jump in the price of BTC. As a result, Tesla made $1.08 billion from its bitcoin investment. According to data from bitcointreasuries.org, the carmaker holds $2.58 billion in its corporate account.
Ironically, the company's monthly earnings from investing in bitcoin topped its earnings from selling cars over the whole past year. At the end of 2020, Tesla generated $721 million in revenue from electric car sales and $1.08 billion from its investment in the cryptocurrency.
Tesla is currently the second largest company in the world in terms of the number of bitcoins in its investment portfolio. MicroStrategy Inc., an analytics software provider, is ranked first on this list.