Source: Cointelegraph Original: "{title}"
Tesla continues to hold Bitcoin (BTC) in the first quarter of 2025, with CEO Musk promising shareholders that he will reduce his time serving as a cost-cutting advisor to the Trump administration.
According to Google Finance data, Musk's remarks appear to be a major driver behind Tesla's (TSLA) stock price rising 5.4% to $250.80 in after-hours trading on April 22. The stock had already closed up 4.6% that day.
The first-quarter results released on the same day showed that the automaker's revenue reached $19.34 billion, which was 7.85% lower than Wall Street's expectations and a 9.2% year-over-year decline.
Tesla's net profit was $409 million, down 80.8% quarter-over-quarter and down 70.5% compared to the first quarter of 2024.
According to CoinGecko data, the value of Tesla's digital asset holdings in the first quarter decreased from $1.076 billion to $951 million, a decline of 11.61%, while the price of Bitcoin (BTC) fell 11.56% during the same period to $82,514.
Under the new regulations from the Financial Accounting Standards Board (FASB), publicly traded companies can now report their cryptocurrency holdings at market value. Previously, losses were only recorded unless the cryptocurrency was sold.
Bitcoin Treasuries data shows that thanks to a market rebound over the past week, Tesla's holding of 11,509 Bitcoins is now worth over $1.07 billion. Tesla's Bitcoin holdings have remained unchanged since June 30, 2022.
During the earnings call on April 22, Musk committed to reducing his work hours at the so-called Department of Government Efficiency (DOGE) in the Trump administration to focus more on Tesla.
"Starting next month in May, my time allocation at DOGE will be significantly reduced," Musk stated.
Musk mentioned that as long as President Trump needs to ensure "the waste and fraud we stopped do not come back," he will continue to spend "one to two days a week" dealing with DOGE-related matters.
On April 22, as the market recovered some of the earlier week's losses, Tesla's stock price rose 4.6% to nearly $237, and then increased by 5.4% in after-hours trading.
Due to factors such as declining sales, Musk's increasing political influence, and economic uncertainty brought about by Trump's tariff policies, Tesla's stock price has still fallen over 37% year-to-date.
Related: CZ receives counterfeit "Grok" tokens, a new wave of Musk-related scam tokens reemerges.
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