Tesla has held onto its Bitcoin during the first quarter of 2025 as CEO Elon Musk promised shareholders that he would scale back his time working as the Trump administration’s cost-cutting czar.
Musk’s comment appears to have been the main catalyst behind Tesla’s (TSLA) 5.4% price jump in after-hours trading on April 22 to $250.80 after closing the trading day up 4.6%,accordingto Google Finance.
It comes as the automaker’s Q1resultsreleased the same day show revenues hit $19.34 billion, missing Wall Streetestimatesby 7.85% and marking a 9.2% fall from the same period last year.
Tesla’s net income of $409 million also marked an 80.8% quarter-on-quarter drop and a 70.5% fall from Q1 2024.
Tesla’s digital asset holdings dropped 11.61% in value from $1.076 billion to $951 million in Q1, alongside Bitcoin’s (BTC) 11.56% price fall to $82,514 over the same time,accordingto CoinGecko data.
A newrulefrom the Financial Accounting Standards Board allows public companies toreport their cryptoholdings at market value. Before, only losses were recorded — unless the crypto was sold.
Tesla’s 11,509 Bitcoin stash is now worth over $1.07 billion as a result ofthe market reboundover the last week,accordingto Bitcoin Treasuries data. Tesla’s Bitcoin holdings haven’t changed since June 30, 2022.
Musk to ease up on DOGE duties
In an April 22 earningscall, Musk promised that he would scale back his time working at the Trump administration’s so-called Department of Government Efficiency, or DOGE, to focus more on Tesla.
“Starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said.
Musk said he’ll continue to spend “a day or two per week” on DOGE-related matters for as long asUS President Donald Trumpneeds to ensure the “waste and fraud that we stop does not come roaring back.”Related:Peirce signals SEC ‘reorientation’ under new chair Paul Atkins
Tesla’s 5.4% rise in after-hours came on the back of a 4.6% increase to nearly $237 during the April 22 trading day as the broader market clawed back some losses from earlier in the week.
Tesla shares are still down over 37% year-to-date, driven partially by declining sales, Musk’sincreased political presenceandeconomic uncertaintystemming from Trump’s tariffs.
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