Keep Your Bitcoin on Hand: Tesla's Q2 Financial Report
For the eighth consecutive quarter, Tesla did not sell any of its Bitcoin (BTC), as it explained in its financial disclosures for the second quarter of this year. With a current value of $640 million, the electric vehicle producer own around 9,720 Bitcoins. As a result, the anticipated total cost of purchasing this reserve was around $337 million.
Tesla Announces Net Profit of $1.5 Billion
The second quarter figures that Tesla released were rather good. The company's revenue of $25.5 billion was about $1 billion more than what the market had anticipated. Net profit, as measured using GAAP, came to $1.5 billion. The health of the business was further shown by the $1.34 billion in free cash flow.
Despite this, after-market stock prices fell more than 8% as a result of the results announcement showing a fall in car sales for the second consecutive quarter. As a result of many market factors, Tesla reported a $980 million loss for the second quarter. We are in a solid financial position, even if revenues were down this quarter, CEO Elon Musk said.
Elon Musk Asserts His Allegiance to Trump
In addition to financial data, Tesla's Q2 report included key statements on the company's future endeavors. The Robotaxi's debut has been delayed from August 8 until October 10, according to Elon Musk.
"I am confident the new timeline will hold," Musk said in an effort to assuage concerns and quell panic about the delays.
In terms of politics, Musk has stated his support for Donald Trump and has hinted at the possibility of donating to a PAC that backs Trump. Following his shift in attitude towards digital currency, Trump has become a beloved figure in the crypto world.
