Tesla $TSLA IS NOW TRADING -50% OFF ITS HIGHS as Musk says he’s running his businesses ‘with great difficulty,’
Source: CNBC, Trend Spider
Tesla $TSLA is currently the 5th worst-performing stock in the S&P 500 YTD, down 23%. Brutal.
Source: Trend Spider
Musk takes advantage of new accounting rule to book for tesla a $600 million profit on bitcoin
Elon Musk's Tesla (TSLA) appeared to take advantage of a new accounting rule allowing for holdings of digital assets to be marked-to-market each quarter. The company's fourth quarter earnings report shows its 9,720 bitcoin valued at $1.076 billion as of the end of 2024. That's up from what had been $184 million for several quarters prior. Alongside that change, Tesla also recorded a GAAP income boost of $600 million on its digital holdings. For perspective, the company had overall GAAP income of $2.3 billion in the fourth quarter. A new rule from the Financial Accounting Standards Board (FASB) requires corporate holders of digital assets to begin marking those assets to market each quarter, no later than the first quarter of 2025. Companies could take advantage of the new rule prior to that at their own discretion, which Tesla has appeared to do. Prior to this new rule, corporate holders of digital assets were required to report those holdings at what was their lowest valuation during the time of ownership. Tesla overall reported adjusted EPS of $0.73 in the fourth quarter, missing estimates for $0.76. The gain on its bitcoin holdings was for GAAP purposes and would have had no effect on adjusted EPS. Shares are higher by 3.5% in after hours trading. Source: Coindesk
All eyes are on Tesla, $TSLA, this week: Tesla is expected to report Q4 2024 deliveries of 504,000 this week, according to Kalshi.
This would mark an ~8.9% increase from the 462,890 vehicles delivered in Q3 2024. If Tesla does in fact report over 500,000 deliveries, it would mark a new quarterly record for the company. Tesla is now the 8th largest company in the world by market cap and worth ~$1.4 trillion. Can Tesla extend its historic run this week? Source: The Kobeissi Letter
Since Election Day 2024:
$NVDA -7.30% $TSLA +87.78% Source: Trend
Nvidia's loss is Tesla's gain.
Is Tesla the new Nvidia? $NVDA $TSLA, Source: The Kobeissi Letter
Elon Musk, CEO of Tesla, praised India's election process for its speed.
Musk was responding to a post, highlighting how India counted 640 million votes in a single day.
Some costly shorts...
Source: Bloomberg
