Tesla’s Bitcoin Holdings Remained Unchanged in Q2, Earnings Report Show
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Electric vehicle maker Tesla did not sell any Bitcoin during the second quarter of the year, according to its latest quarterly report.
The company did not engage in any Bitcoin transactions for the eighth consecutive quarter, maintaining its stash of approximately 9,720 Bitcoins, worth $640 million at the current price.
These Bitcoins were acquired at an aggregate cost of around $337 million.
Tesla’s last major Bitcoin transaction occurred in the second quarter of 2022 when it sold over 30,000 Bitcoins for $936 million, representing roughly 75% of its holdings at that time.
Initially, Tesla invested $1.5 billion in Bitcoin in early 2021.
Tesla reveals none of their $640,866,000 #Bitcoin was sold in Q2 2024.$TSLA pic.twitter.com/v5lRmwbQdy
— Vyas (@FinStockNewz) July 23, 2024
Tesla Surpasses Revenue Expectations
Tesla’s second-quarter financial report also revealed robust performance, with the company surpassing revenue expectations.
The electric vehicle giant reported total revenue of $25.5 billion, exceeding the anticipated $24.63 billion.
According to Generally Accepted Accounting Principles (GAAP), Tesla’s net profit was $1.5 billion, complemented by a free cash flow of $1.34 billion.
However, the company reported weaker-than-expected earnings for the second quarter as automotive sales dropped for a second straight period. The stock slid more than 8% in extended trading.
The company said it “recognized record regulatory credit revenues in Q2,” pointing to the fact that other automakers are “still behind on meeting emissions requirements.”
Additionally, during a conference call, CEO Elon Musk announced a delay in the launch of Tesla’s autonomous taxi service, Robotaxi.
Originally scheduled for August 8, the new launch date is set for October 10.
“I would be shocked if we cannot do it next year,” Musk said, after first noting that his predictions have been “overly optimistic in the past.”
Musk Pledges $45M to Trump Campaign
Musk has reportedly said he is planning to pledge about $45 million a month to a newly formed political action committee backing former President Donald Trump.
However, he has yet to donate to that group as of the end of June, according to its latest quarterly financial filing. Musk also posted on X, implying that the WSJ report is ‘fake news.’
Musk publicly endorsed Trump after the assassination attempt at a political rally on July 13.
Meanwhile, Trump has seen growing popularity among the crypto community comes as his stance on cryptocurrencies has changed radically as of late.
Despite previously criticizing Bitcoin as a “scam,” he has recently changed his tune.
On June 14, he declared that he would end the Biden administration’s “war on crypto” if elected president.
Trump had also previously criticized Biden for his harsh stance on cryptocurrencies, emphasizing that the United States should strive to be a leader in the crypto industry.
As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.
Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.
As of the latest data, prediction traders are favoring former President Donald Trump with a 69% chance of victory.
