Tesla’s Bitcoin Assets Stayed the Same in Q2, According to Earnings Report

Electric vehicle manufacturer Tesla did not liquidate any Bitcoin during the second quarter of the year, as indicated in its most recent quarterly report.

The firm has refrained from any Bitcoin transactions for the eighth consecutive quarter, preserving its reserve of approximately 9,720 Bitcoins, valued at $640 million based on current market prices.

These Bitcoins were obtained at a total cost of around $337 million.

Tesla’s last significant Bitcoin transaction took place in the second quarter of 2022 when it divested over 30,000 Bitcoins for $936 million, which accounted for roughly 75% of its holdings at that time.

Initially, Tesla allocated $1.5 billion to 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 Exceeds Revenue Projections

Tesla’s financial report for the second quarter also highlighted strong performance, with the company exceeding revenue projections.

The electric vehicle leader reported total revenue of $25.5 billion, surpassing the expected $24.63 billion.

According to Generally Accepted Accounting Principles (GAAP), Tesla’s net profit was $1.5 billion, along with a free cash flow of $1.34 billion.

However, the company reported earnings that fell short of expectations for the second quarter as automotive sales declined for a second consecutive period. The stock dropped more than 8% in after-hours trading.

The company noted that it “recognized record regulatory credit revenues in Q2,” highlighting that other automakers are “still lagging in meeting emissions standards.”

Additionally, during a conference call, CEO Elon Musk announced a postponement of the launch of Tesla’s autonomous taxi service, Robotaxi.

Originally slated for August 8, the new launch date is now set for October 10.

“I would be shocked if we cannot do it next year,” Musk stated, after acknowledging that his previous predictions have been “overly optimistic in the past.”

Musk Commits $45M to Trump Campaign

Musk has reportedly indicated his intention to contribute approximately $45 million per month to a newly established political action committee supporting former President Donald Trump.

However, he had not made any donations to that group by the end of June, according to its latest quarterly financial report. Musk also commented on X, suggesting that the WSJ report is ‘fake news.’

Musk publicly endorsed Trump following the assassination attempt at a political rally on July 13.

Meanwhile, Trump has gained increasing popularity within the crypto community as his views on cryptocurrencies have shifted significantly recently.

Despite having previously labeled Bitcoin a “scam,” he has recently altered his stance.

On June 14, he announced that he would terminate the Biden administration’s “war on crypto” if he were to be elected president.

Trump had also criticized Biden for his stringent approach to cryptocurrencies, asserting that the United States should aim to be a leader in the crypto sector.

As reported, a survey conducted by the Harris Poll indicated that one in three voters in the US considers a candidate’s stance on cryptocurrencies when making their voting choices.

Another survey by leading crypto venture capital firm Paradigm shows that Trump’s polling numbers for the 2024 US Presidential Election receive considerable backing from the crypto community.

According to the latest data, prediction traders are favoring former President Donald Trump with a 69% probability of winning.

The post Tesla’s Bitcoin Holdings Remained Unchanged in Q2, Earnings Report Show appeared first on Cryptonews.