Tesla Refuses To Sell 9,720 Company-Owned Bitcoins

JAKARTA - Tesla, Elon Musk's leading electric vehicle company, did not sell Bitcoin during the second quarter of this year, based on their latest quarterly report. The company retains around 9,720 Bitcoins owned, with a value of around US$640 million (Rp10.24 trillion) based on current prices. The Bitcoin is purchased for a total cost of around $337 million (Rp5.39 trillion).

The last time Tesla made a major transaction with Bitcoin was in the second quarter of 2022, when the company sold more than 30,000 Bitcoins for $936 million, covering about 75% of their Bitcoin holdings at the time. Tesla first invested $1.5 billion in Bitcoin in early 2021.

Tesla reported a total revenue of US$25.5 billion (Rp408 trillion) for the second quarter, surpassing expectations of US$24.63 billion (Rp394 trillion). Based on the General Applicable Accounting Principle (GAAP), Tesla's net profit reached US$1.5 billion (Rp24 trillion), with a free cash flow of US$1.34 billion (Rp21.44 trillion).

Despite the expectations, Tesla reported a decline in automotive sales for the second period in a row, which caused its share price to drop more than 8% in trading after working hours. Tesla also recorded its highest regulatory credit revenue in the second quarter, suggesting that other automakers are still trying to meet emission requirements.

In addition, Tesla CEO Elon Musk announced the postponement of the launch of Tesla's autonomous taxi service, Robotaxi. The launch, originally scheduled for August 8, has been pushed back to October 10. Musk expressed optimism that the service will be operational next year.

Then, Elon Musk is also reportedly planning to donate around US$45 million (Rp720 billion) per month to a new political action committee that supports Donald Trump's campaign in the US presidential election. However, until the end of June, Musk has not contributed to the group in accordance with the latest quarterly financial reports. Musk also dismissed this report as 'false news' through posts on social media platform X.

Musk's support for Trump comes after an attempted murder incident at a political rally on July 13. Trump's popularity among the crypto community increased as his attitude towards cryptocurrencies changed.

Trump, who previously criticized Bitcoin as a "fraud," recently changed his view. On June 14, Trump stated that he would end the "war on crypto" carried out by the Joe Biden administration if he was elected president. Trump has also criticized Biden for his crackdown on cryptocurrencies, stressing that the United States should be trying to become a leader in the crypto industry.

According to a survey conducted by Harris Poll, one of the three voters in the US considered the position of a candidate for cryptocurrencies before making an election decision. Another survey conducted by the leading crypto venture capital firm, Paradigm, revealed that Trump's figure of support for the 2024 US Presidential Election received significant support from the crypto community.