Tesla reports no change to $184M Bitcoin holdings amidst record $25B revenue
Tesla reported no change to its digital asset holdings during its Q2 2023 investor report, as seen in its shareholder deck on July 19.
That document indicates that Tesla held $184 million worth of digital assets on June 30, the same amount that it held at the end of March 2023 and December 2022.
Tesla’s last significant change in digital asset holdings occurred in the last quarter of 2022 when its holdings fell from $218 million to $184 million. Prior to that, in July 2022, the firm said that it sold a portion of its Bitcoin for $936 million; that sale amounted to about three-quarters of the Bitcoin that the firm originally purchased in early 2021.
Despite the company’s stagnant Bitcoin holdings, public interest remains high in Tesla’s cryptocurrency policy. In the company’s Q&A submission form, several investors asked whether Tesla plans to accept Bitcoin purchases — a payment method that CEO Elon Musk committed to re-enabling if Bitcoin mining becomes 50% reliant on renewable energy. It is unclear whether Musk or other executives answered those questions during the earnings call.
Tesla saw record revenue in Q2
Aside from the company’s lack of change in Bitcoin holdings, Tesla’s latest report is notable as the firm reported record revenues of $25 billion in Q2. The company also highlighted its work on AI, including its Dojo training computers, in its report.
Despite those positive developments, Tesla stock fell 0.71% today and dropped 4.90% after hours. Reports from CNBC suggest that prices fell as Musk and other executives failed to provide specifications and dates for upcoming vehicles and said that manufacturing output would decrease in Q3 amidst factory upgrades and shutdowns.
The news also comes shortly after Senator Elizabeth Warren asked U.S. regulators to begin an investigation into possible conflicts of interest between Tesla and Twitter — the latter of which was acquired by Musk in October 2022.
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