According to PANews, Tesla's recently released financial report for the first quarter of 2024 shows a significant shortfall in the company's total revenue. The electric vehicle giant reported a total income of $12.3 billion, which is significantly lower than the anticipated $21.4 billion. Furthermore, the company's free cash flow was in the negative, standing at -$2.5 billion.
In addition to its financial performance, the report also revealed that Tesla did not engage in any buying or selling of Bitcoin during the quarter. This marks the seventh consecutive quarter that the company has refrained from any Bitcoin transactions. Currently, Tesla holds approximately 9,720 Bitcoins.
The last time Tesla reduced its Bitcoin holdings was in the second quarter of 2022, when the company sold over 30,000 Bitcoins for $936 million, which accounted for about 75% of its total Bitcoin holdings at the time. Tesla initially purchased Bitcoin worth $1.5 billion in early 2021.