Tesla Keeps Bitcoin Stash Steady At 9,720 BTC In Q3
In the third quarter, Tesla’s holdings of bitcoin (BTC) remained stable at 9,720 BTC, according to the U.S.-based automaker’s latest earnings report released on Wednesday.
Since bitcoin was not mentioned in the quarterly report, the business did not purchase or sell any cryptocurrency in the three months leading up to September. For the fifth consecutive quarter, the investment has not moved in value; at the current market price of $28,300, it is worth $275.4 million.
In February 2021, Tesla, under the leadership of cryptocurrency advocate Elon Musk, made a $1.5 billion bitcoin investment, gaining over 43,000 tokens. Tesla announced that it would start taking bitcoin payments in the same month.
That being said, the corporation changed its mind in the months that followed. In the first quarter of 2021, it sold 4,320 BTC, and at a significant loss last year, it liquidated 75% of the remaining amount.
Nevertheless, behind MicroStrategy and Marathon Digital Holdings, Tesla continues to maintain the third-largest bitcoin holdings of any publicly traded business.
For the July–September quarter, Tesla reported a net income of $1.85 billion, a 44 percent decrease from the same period last year. Earnings per share dropped from 95 cents to 53 cents.
OpenAI Partners With G42 In Dubai Eyeing Middle East Expansion
On October 18, Dubai-based technology holding group G42 and OpenAI, the creators of the well-known artificial intelligence (AI) chatbot ChatGPT, launched a new collaboration to increase AI capabilities in the Middle East.
The two businesses intend to use OpenAI’s generative AI models in G42’s specialty areas, which include public services, energy, healthcare, and financial services.
According to G42, enterprises utilizing its business solutions in the United Arab Emirates (UAE) and other locations ought to find it easier to incorporate cutting-edge AI capabilities into their current operations going forward.
In order to support OpenAI’s local and regional inferencing on Microsoft Azure data centers, OpenAI stated that it intends to “prioritize its substantial AI infrastructure capacity.”
G42’s contacts in the industry can assist offer AI solutions that “resonate with the nuances of the region,” according to Sam Altman, co-founder and CEO of OpenAI. According to him, the partnership will promote generative AI globally.
Floki Introduces New Utility Token Plan for Staking
Floki (FLOKI) developers have unveiled a new plan to its community, seeking the launch of a new token and a staking program. The proposal, for which voting ends in two days, has gained 97.91% community support, suggesting that Floki (FLOKI) will be getting a sister token soon.
The staking feature and the new token will increase investor interest in the Floki ecosystem.
The main way to earn the new yet-unnamed token will be by staking FLOKI tokens, which is currently changing hands at $0.000017. There won’t be any pre-sale or fundraising for these tokens, and most of the supply can only be earned by staking FLOKI.
Users will be able to earn the reward token by locking up their FLOKI tokens for a period of between 3 months to 4 years. This will result in a significant portion of FLOKI tokens being locked up for an extended period of time, which will significantly reduce the amount of FLOKI tokens in circulation and add significant value to the FLOKI token.
Staking refers to locking tokens on a platform in return for annualized yield rewards – which may attract investor capital.
Floki was fashioned after the popular Shiba Inu dog breed, which spurred the development of popular tokens like dogecoin (DOGE) and shiba inu (SHIB). Dog-themed coins were the hottest tokens in 2021 and surged nearly 10,000% during a nine-month period.
The hype, however, fizzled out as a broader crypto bear market weighed down on riskier bets, leading to tokens such as FLOKI to fall as much as 94% from their peak.
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