In its financial statements for the second quarter of this year, Tesla clarified that it had not offloaded any of its Bitcoin (BTC) for the eighth quarter in a row. The electric car maker currently has about 9,720 Bitcoins worth $640 million. This reserve was hence bought at an estimated total cost of about $337 million.
Tesla Reports $1.5 Billion Net Profit
Tesla has announced impressive results for the second quarter. Revenue was $25.5 billion, almost a billion dollars above market estimates. Net profit was recorded at $1.5 billion based on GAAP. Moreover, free cash flow was $1.34 billion, which indicates a good state of the company’s operations.
Nevertheless, the earnings report showed a decline in automotive sales for the second consecutive quarter, leading to a drop of more than 8% in the stock prices in the after-market trading. Tesla said that it lost $980 million in the second quarter due to numerous market conditions. CEO Elon Musk pointed out, “Our financial situation is good, although the sales fell this quarter.”
Elon Musk Pledges Support for Trump
Tesla’s Q2 report presented only the financial numbers, but it also contained important messages about the company’s future activities. Elon Musk disclosed that the Robotaxi, which was expected to be launched on August 8, will now be launched on October 10.
”I am confident the new timeline will hold,” Musk said to calm people down and reassure them about previous delays.
As for politics, Musk supports Donald Trump and even mentioned possible donations to a political action committee that supports Trump. This comes after Trump has found his way into the heart of the crypto community after changing his earlier negative view towards digital currencies.
Also Read: Ethereum ETF Debuts $1B+ Volume; BlackRock’s ETHA Leads
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