Tesla Maintains Bitcoin Reserves in Q2 Financial Report
In the financial statements for the second quarter of this year, Tesla clarified that the company has not sold any Bitcoin (BTC) for the eighth consecutive quarter. The electric car maker currently owns approximately 9,720 Bitcoins worth $640 million. The estimated total cost of purchasing the reserve is approximately $337 million.
Tesla Reports Net Profit of $1.5 Billion
Tesla declared impressive second-quarter results, with revenue of $25.5 billion, nearly $1 billion higher than market expectations. Net income under GAAP was $1.5 billion, and free cash flow was US$1.34 billion, indicating that the company is operating in good condition. However, auto sales fell for a second consecutive quarter, leading to a more than 8% drop in after-hours trading. Tesla reported a loss of $980 million in the second quarter due to various market conditions. CEO Musk noted, “Despite the decline in sales during the quarter, we are in a strong financial position.”
Elon Musk Pledges Support for Trump
Tesla’s second-quarter report not only provides financial data but also reveals important information about the company’s future activities. Elon Musk announced that Robotaxi, originally scheduled to launch on August 8, will now be launched on October 10. Musk expressed confidence in the new schedule, aiming to reassure people about previous delays. Furthermore, Musk declared his support for Donald Trump and hinted at the possibility of donating to a pro-Trump political action committee. This stance comes after Trump garnered support within the cryptocurrency community by changing his negative view of digital currencies.
Overall, Tesla’s financial report for the second quarter highlights its strategic Bitcoin reserves, strong financial performance, and Elon Musk’s political inclinations towards supporting Trump. The company’s continued success and forward-thinking approach are indicative of its position as a leader in the electric vehicle and technology industries.
