Tesla's Diamond Hands: The EV Manufacturer's Bitcoin Holdings Remained Unchanged in Q2

Tesla bought $1.5 billion worth of Bitcoin in 2021, sold 75% of it in 2022, and is still holding onto its $184 million worth of Bitcoin today.

Source: givemebit.com

Tesla has neither increased nor decreased its holdings of digital assets for the fourth consecutive quarter, and the electric vehicle maker is still holding Bitcoin worth $184 million. The net worth of Tesla's Bitcoin assets was $184 million in Q2 2023 results reported on July 19, remaining constant over the previous two quarters.

Tesla hasn't purchased or sold any Bitcoin since the second quarter of last year, when it traded more than 30,000 Bitcoin for $936 million, or around 75% of its overall holdings. In March 2021, Tesla made its first $1.5 billion Bitcoin purchase, with the intention of accepting Bitcoin as payment for Tesla automobiles shortly after. Tesla CEO Elon Musk made this commitment.

However, Musk eventually stopped accepting Bitcoin payments for Tesla automobiles and later reversed his decision, citing environmental concerns prompted by Bitcoin's high energy use. This year, Tesla has above analyst forecasts with the firm generating adjusted profits per share of $0.91, $0.09 higher than expected. Tesla's $24.9 billion in Q2 sales above projections by 0.81%, outperforming revenue expectations as well.

At the end of Q2, Tesla held $184 million worth of bitcoin. Source: Tesla

Despite exceeding forecasts, there doesn't seem to have been much of a favorable reaction in the market. Data from Google Finance shows that Tesla's stock price plummeted 4.19% to $279.07 in after-hours trading. According to Cointelegraph statistics, the price of one bitcoin has decreased by about 5% over the last week and is now trading for $29,914. Some traders predict that Bitcoin will soon revert to a price of about $27,500 after struggling to maintain its position above the $30,000 barrier level.

Elon Musk Establishes a New AI Company to ‘Recognize The Universe’

The business said that its mission is to comprehend the actual essence of the cosmos. Based on a Cointelegraph source from April 17, Musk is working on a ChatGPT competitor called TruthGPT, a sizable language framework that the business tycoon claims will be taught to investigate the mysteries of the universe. Musk claims that TruthGPT is also intended to combat left-wing bias in the marketplace, claiming that ChatGPT is designed by left-wing experts, to teach the chatbots to lie. Musk stated that artificial intelligence (AI) may one day be smarter than all humans at everything in a July 6 demand for increased governmental control of the field. He said that the world will undergo very profound change as a result of AI-powered gadgets like robots and self-driving automobiles.

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