Connect with us
tesla bitcoin tesla bitcoin

News

Tesla shows $600M Bitcoin profit realization because of accounting rule change

(Credit: @PeakHodl/Twitter)

Published

on

Tesla had a $600 million boost in its net earnings because of Bitcoin and a new accounting rule for how companies can account for crypto.

Tesla reported $1.08 billion in digital assets on Wednesday during its Earnings, up from the $184 million it reported for the previous four quarters.

The bump was due to a recent policy change from the FASB (Financial Accounting Standards Board) which mandates digital asset holdings be market to market each quarter starting at the beginning of this year, CNBC reported.

The previous FASB rule allowed companies to report their Bitcoin holdings at the lowest value recorded during their ownership. They were not required to report any subsequent price gains.

CFO Vaibhav Tenja said during the Earnings Call that the net income in Q4 was impacted by the FASB rule (via Motley Fool):

Advertisement

“It is important to point out that the net income in Q4 was impacted by a $600 million mark-to-market benefit from Bitcoin due to the adoption of a new accounting standard for digital assets, whereby we will change — we will take mark-to-market adjustments through other income every reporting period going forward.”

Tesla reported a Bitcoin holding of $184 million for Q3, but this was pre-new FASB rules. The real value was around $730 million.

Bitcoin has exploded 51 percent in value since President Trump’s successful election campaign in November. It was priced at $68,000 on Election Night. It now trades at $105,023 per BTC.

Tesla dipped its toe into crypto several years ago in 2021, as it revealed in a 10-K that year that it invested $1.5 billion in bitcoin and said it “may acquire and hold digital assets from time to time or long-term.

It sold three-quarters of its BTC holdings in Q2 2022, stating that it converted “approximately 75% of our Bitcoin purchases into fiat currency.”

Advertisement

Need accessories for your Tesla? Check out the Teslarati Marketplace:

Please email me with questions and comments at joey@teslarati.com. I’d love to chat! You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

Comments

News

Starship Flight 8: SpaceX nails Super Heavy booster catch but loses upper stage

Flight 8 ended with mixed results as SpaceX nailed another Super Heavy Booster catch while the upper stage experienced a rapid unscheduled disassembly.

Published

on

Credit: SpaceX/X
Credit: SpaceX/X

SpaceX launched its eighth Starship test flight on Thursday, March 6, 2025, from its Starbase facility in South Texas. The mission aimed to advance the reusable rocket system’s development with a third successful booster recovery and a planned satellite simulator deployment by the Starship upper stage.

Flight 8 ended with mixed results as the Starship upper stage experienced a rapid unscheduled disassembly during its ascent burn. The Super Heavy booster, however, returned successfully to Starbase’s launch tower.

Super Heavy Booster Achieves 3rd Successful Catch

The Super Heavy booster, designated Booster 15, roared to life at launch, propelling the 400-foot-tall Starship stack skyward. Less than three minutes after liftoff, it separated cleanly from the upper stage and began its descent back to Starbase. 

The booster executed a pinpoint landing, getting caught midair by the launch tower’s massive “chopstick” arms. This marked the third test flight where SpaceX was able to successfully recover a Super Heavy booster, a critical step toward reducing costs by reusing the rocket’s first stage. 

The crowd at South Padre Island, watching from across the water, erupted in cheers as the Super Heavy booster settled into the tower’s grasp.

Advertisement

Starship Upper Stage Lost

The mission’s upper stage, known as Ship 34, faced a starkly different fate. Intended to deploy four mock Starlink satellites and splash down in the ocean about 66 minutes after launch, the spacecraft encountered trouble during its ascent. 

Videos posted on social media platform X showed Ship 34 disintegrating during its flight, echoing Flight 7’s upper-stage loss in January. SpaceX addressed the upper stage’s failure in a post on X

“During Starship’s ascent burn, the vehicle experienced a rapid unscheduled disassembly and contact was lost. Our team immediately began coordination with safety officials to implement pre-planned contingency responses. We will review the data from today’s flight test to better understand root cause. As always, success comes from what we learn, and today’s flight will offer additional lessons to improve Starship’s reliability,” SpaceX wrote in its post.

Watch SpaceX’s Starship Flight 8 livestream in the video below.

Advertisement
Continue Reading

Lifestyle

Elon Musk seemingly confirms Cybertruck gift to 13-year-old cancer fighter

Diagnosed in 2018 with a rare form of brain and spine cancer with no cure, the teen has undergone 13 surgeries by the time he was 12.

Published

on

Credit: Tesla

Elon Musk has seemingly confirmed that he will be sending a Tesla Cybertruck to 13-year-old Devarjaye “DJ” Daniel, a 13-year-old Houston boy fighting brain cancer. The teen was recognized as an honorary Secret Service member by U.S. President Donald Trump during his address to Congress on Tuesday. 

A Chance Meeting

The Tesla CEO’s Cybertruck pledge was mentioned during DJ’s short interview with CNN’s Kaitlan Collins. When Collins asked the 13-year-old what he told the Tesla CEO, DJ answered that he asked for a Cybertruck.

“I said, ‘can you do me a big favor, when you get back to Houston can you send us a Cybertruck down there?’” the cancer fighter stated.

Daniel noted that Musk responded positively to his request, which was highlighted by Collins in a post on X. Musk responded to the post with a heart emoji, suggesting that he really will be sending a Cybertruck to the 13-year-old cancer fighter.

Teen’s Cancer Battle Inspires

Diagnosed in 2018 with a rare form of brain and spine cancer with no cure, Daniel has undergone 13 surgeries by the time he was 12. During his speech, Trump highlighted the 13-year-old’s long battle with his disease. 

Advertisement

“Joining us in the gallery tonight is a young man who truly loves our police. The doctors gave him five months at most to live. That was more than six years ago. Since that time, DJ and his dad have been on a quest to make his dream come true,” Trump stated.

Daniels officially received an honorary badge from U.S. Secret Service Director Sean Curran, to much applause during the event.

Surprisingly Partisan

While Daniels’ story has been inspiring, Trump’s focus on the 13-year-old cancer fighter has received its own fair share of criticism. MSNBC host Nicolle Wallace, while referencing Daniels’ love for law enforcement, noted that she is hoping the 13-year-old never has to defend the U.S. capitol against Trump supporters. “If he does, I hope he isn’t one of the six who loses his life to suicide,” Wallace stated.

Anti-Musk and Trump accounts on X have also thrown jokes at the cancer fighter’s honorary badge, with some dubbing the 13-year-old as a “DEI hire” that should be looked into by DOGE.

Advertisement
Continue Reading

News

Arrest made after Tesla Salem site attacked with Molotov cocktails

The suspect faces a federal charge of illegally possessing an unregistered destructive device.

Published

on

Credit: Tesla Asia/X

A 41-year-old Salem man was arrested Tuesday for allegedly throwing Molotov cocktails at a Tesla store on January 20. Court documents indicated that the man’s attack caused around $500,000 in damages.

The suspect faces a federal charge of illegally possessing an unregistered destructive device, which were described as Molotov cocktails. Seven vehicles were damaged and one was destroyed in the attack on the Tesla location.

Fires Erupt at Tesla Store

At 3:45 a.m. on January 20, Salem Police responded to reports of Molotov cocktails being thrown at the Tesla store. Officers found a fire on the sidewalk and another in a parked vehicle’s rear. An eyewitness noted that someone thew five or six objects during the incident, as noted in a report from the Statesman Journal.

Suspect Caught on Camera

Surveillance footage showed the man throwing a “Molotov Cocktail-style device” at a truck, which bounced off without igniting. He also aimed an AR-15-style rifle at a witness who was driving away. The suspect hurled a rock through the Salem Tesla store’s window as well. 

A patrol car’s camera captured the suspect’s vehicle nearby, tying him to the scene. Surveillance video, fingerprints on glass bottles recovered at the scene, and a vehicle registered to the man led ultimately to his arrest.

Advertisement

Tesla Vandalism Trend

Tesla stores across the United States and abroad have been the target of vandalism incidents as of late, thanks in part to CEO Elon Musk’s increasing involvement in politics and his close work with U.S. President Donald Trump. Interestingly enough, previous reports have indicated that the Salem Tesla store was also the victim of an attack last month, when gunfire shattered widows at the location.

Continue Reading

Trending