Tesla Keeps $184 Million BTC Stake, Elon Musk Worried About High Interest Rates!

<p>&nbsp;"If Musk is nervous about interest rate hikes, how much more we are the ones who are fighting this."</p><p><br /></p><p>Tesla, which released its third-quarter earnings results last Wednesday, reported revenue of $23.35 billion and profit of $1.85 billion, which marked a decline from the previous quarter.</p><p><br /></p><p>It's true that its earnings missed Wall Street's expectations, but the electric car company's balance sheet still holds $184 million in net digital assets, mostly Bitcoin (BTC).</p><p><br /></p><p>In the first quarter of 2021, Tesla invested $1.5 billion in BTC then sold 75% of its holdings in the second quarter of 2022 following concerns about the company's overall liquidity due to the Covid shutdown in China, commented Elon Musk.</p><p><br /></p><p><br /></p><p>Therefore, Musk also said that his team will reduce its holdings of digital assets at any time according to business needs and its views on market conditions and the environment.</p><p><br /></p><p>Please be informed that the electric car company accepts payments in the largest memecoin Dogecoin (DOGE) for some of its products which can contribute to an "immaterial amount"* of digital assets.</p><p><br /></p><p>*Amounts that do not have a significant impact on the financial statements</p><p><br /></p><p>While reporting Tesla's third quarter earnings on October 18, 2023, Musk highlighted several concerns that could affect his company's profitability, among them the high interest rate environment.</p><p><br /></p><p>This is because when interest rates rise higher, it is more difficult for people to buy the car and they may not be able to afford it, Musk said again.</p>