On October 18th, Tesla released its third-quarter shareholder presentation for the year 2023. The company indicated that it continues to hold Bitcoin (BTC) assets and is working on artificial intelligence (AI).
On October 18, Tesla held its shareholder presentation for the third quarter of 2023 and stated that while retaining Bitcoin assets, it is allocating resources to artificial intelligence projects. The company reported $184 million in digital assets for the quarter ending on September 30, 2023. A large portion, if not all, of this amount consists of Bitcoin.
This amount is the same as Tesla’s assets in the last three quarters but has decreased in the long term due to previous sales and price changes. Tesla initially purchased $1.5 billion worth of Bitcoin in 2021, and this amount once exceeded $2 billion. However, the company sold most of its Bitcoin and reported only $218 million in digital assets for the quarters of June and September 2022.
In the same shareholder presentation, Tesla also elaborated on its goals for artificial intelligence, along with its automotive and energy business segments. The company said,
“We have doubled our AI training capacity for our growing data set and Optimus robot project. Our humanoid robot is now being trained with artificial intelligence instead of pre-written software, and the hardware is being further improved to process data sets.”
In terms of overall revenue, the company reported an income of $23.4 billion. This represents a decline of about 6% compared to the $24.9 billion generated in the second quarter of 2023. In both cases, the majority of the company’s total revenue came from the automotive business.
Investors Are Waiting for News
Investors have once again raised a few questions related to cryptocurrency, such as whether Tesla will add Bitcoin payments to its charging network and whether Tesla’s Dojo supercomputer will use Bitcoin.
Several people asked if the company plans to accept Bitcoin and cryptocurrency payments again. This development draws attention as it is in line with Tesla CEO Elon Musk’s previous statement that he would accept Bitcoin if the mining industry became 50% reliant on renewable energy.