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Blockchain analysis platform Arkham’s report shows that Bitcoin wallets associated with Elon Musk’s enterprises, Tesla and SpaceX, have a combined balance surpassing $1 billion.
Recent inquiries indicate that Tesla holds over $771 million worth of Bitcoin distributed across its wallets, while SpaceX’s wallets contain approximately $555 million in BTC. The report also scrutinizes the Bitcoin transaction activities of the companies dating back to early 2021.
SpaceX’s Bitcoin Transaction History
Amidst the cryptocurrency downturn in May 2022, both Tesla and SpaceX offloaded a substantial portion of their Bitcoin assets as prices nosedived. Although these transactions led to a net loss for SpaceX, Tesla successfully balanced its books.
Nevertheless, SpaceX’s Bitcoin investment rebounded by November 2023, aligning with the ongoing Bitcoin surge. Subsequently, Bitcoin’s value nearly doubled, catapulting SpaceX to a current profit of $132 million on its BTC assets, as estimated by Arkham. In contrast, Tesla boasts a $455 million profit from its Bitcoin holdings.
If the discoveries are accurate, they suggest that the extent of Tesla and SpaceX’s Bitcoin investments was previously underestimated. Initially, analysts estimated Tesla’s holdings at around 9,720 BTC, while SpaceX’s investment was not disclosed. However, Arkham’s analysis reveals that Tesla actually holds a larger amount, totaling 11,509 BTC.
Elon Musk’s Dwindling Wealth
According to the Bloomberg Billionaires Index, the net worth of the Tesla CEO has dropped by nearly $40 billion this year. Currently valued at $189 billion, he now holds the third position on the list, following a lengthy period at the helm.
Earlier this week, Jeff Bezos surpassed Musk, but the Amazon founder’s reign was short-lived. He has now been dethroned at the summit of the Bloomberg index by French magnate Bernard Arnault, CEO of LVMH. Arnault now boasts a net worth of $197 billion, edging past Bezos by $1 billion, thanks to an $18 billion increase in his wealth this year.
