Big News from Tesla: No Bitcoin Sales This Year!
Incredible news from Tesla – they did not sell any Bitcoin during the second quarter of the year. This is a significant revelation, as it marks the eighth consecutive quarter where there have been no Bitcoin transactions from Tesla, maintaining a substantial stash of approximately 9,720 Bitcoins, valued at $640 million at the current market price. These Bitcoins were obtained at an aggregate cost of around $337 million.
Tesla’s Remarkable Financial Performance
Tesla’s latest financial report for the second quarter showcased outstanding performance, surpassing revenue expectations. The electric vehicle powerhouse reported total revenue of $25.5 billion, exceeding the predicted $24.63 billion. According to Generally Accepted Accounting Principles (GAAP), Tesla’s net profit stood at $1.5 billion, accompanied by a free cash flow of $1.34 billion.
- Tesla exceeded revenue expectations with total revenue of $25.5 billion.
- Net profit of $1.5 billion buoyed by a free cash flow of $1.34 billion.
- However, the company experienced weaker-than-expected earnings due to a drop in automotive sales for two consecutive periods, leading to an over 8% decline in the stock price during extended trading.
Musk’s Political Pledge and Trump’s Crypto Support
Elon Musk has purportedly expressed his intention to donate around $45 million monthly to a newly established political action committee supporting former President Donald Trump. Despite these claims, no contributions have been made as of the end of June, according to the PAC’s latest financial filing. Musk denied the reports, referring to them as ‘fake news’ in a post on X. Musk publicly endorsed Trump following an assassination attempt at a political rally on July 13.
- Elon Musk plans to donate $45 million monthly to a pro-Trump super PAC, although no contributions have been made yet.
- Trump’s evolving stance on cryptocurrencies, shifting from labeling Bitcoin a “scam” to offering support, has garnered increasing favor within the crypto community.
- As per a survey by the Harris Poll, one in three US voters considers a candidate’s position on cryptocurrencies when deciding their vote.
Hot Take: Key Developments in the Crypto Landscape
Tesla’s decision to hold onto its Bitcoin reserves reflects a long-term commitment to cryptocurrency holdings and sets a positive precedent for other corporate players in the industry. Meanwhile, Musk’s political ambitions and Trump’s changing stance on cryptocurrencies underscore the interconnectedness of tech, finance, and politics in the digital age.
Sources:
[1] – Tesla Quarterly Report
[2] – CNBC: Elon Musk’s Pledge to Trump PAC
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