Tesla profits boosted $600 million by crypto rule change
- Tesla received a $600 million boost from a Bitcoin accounting change, which allowed the company to report unrealized gains as profit in its latest earnings report.
- Elon Musk's company recorded $589 million in paper gains from Bitcoin, increasing its net income by 34% to $2.3 billion.
- Tesla's finance chief, Vaibhav Taneja, confirmed the $600 million mark-to-market benefit from Bitcoin due to a new accounting standard for digital assets.
- Despite the boost from Bitcoin, Tesla's net income would have been down 78% without it, and challenges are expected in Q1 2025.
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