Electric vehicle maker Tesla did not sell any Bitcoin in 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 a stockpile of about 9720 Bitcoins worth $640 million at the current price.
Their Bitcoins were acquired at a total cost of about $337 million. Tesla’s last major Bitcoin transaction took place in the second quarter of 2022, when it sold more than 30,000 Bitcoins for $936 million, about 75% of its stock at the time. Tesla initially invested $1.5 billion in Bitcoin in early 2021.
Tesla exceeds revenue expectations
Tesla’s financial report for the second quarter also revealed strong results, with the company’s revenue exceeding expectations. The electric vehicle giant reported total revenues of $25.5 billion, exceeding the anticipated $24.63 billion.
Under generally accepted accounting principles (GAAP), Tesla’s net income was $1.5 billion, supplemented by free cash flow of $1.34 billion. However, the company reported weaker-than-expected earnings for the second quarter, as car sales fell for the second consecutive period. The stock fell more than 8% in extended trading.
The company said it “reported record revenue from regulatory credits in the second quarter,” pointing out that other automakers “continue to lag in meeting emissions requirements.”
Additionally, during a conference call, CEO Elon Musk announced a delay in the launch of Tesla’s autonomous cab, Robotaxi. Originally scheduled for August 8, the new launch date was set for October 10.
“I would be shocked if we couldn’t do it next year,” – Musk said, after noting that his predictions had been “overly optimistic in the past.”
Musk will donate $45 million to Trump’s campaign
Musk said he plans to donate about $45 million a month to a newly formed political action committee supporting former President Donald Trump. Musk publicly backed Trump after an assassination attempt at a political rally on July 13.
Meanwhile, Trump has seen his popularity among the cryptocurrency community grow as his stance on cryptocurrencies has changed dramatically recently. Despite previously criticizing bitcoin as a “scam,” he has recently changed his mind.
on June 14, he declared that if elected president, he would end the Biden administration’s “war on cry ptocurrencies.” Trump has previously criticized Biden for his harsh stance on cryptocurrencies, stressing that the United States should strive to be a leader in the cryptocurrency industry.
As we reported, a poll conducted by Harris Poll revealed that one in three US voters consider a candidate’s stance on cryptocurrencies before deciding on a vote.
Another survey by leading cryptocurrency venture capital firm Paradigm shows that Trump’s poll results for the 2024 U.S. presidential election enjoy significant support from the crypto community.
According to the latest data, predictive investors favor former President Donald Trump with a 69% chance of victory.
