Why would Tesla sell 75% of its Bitcoin even though Tesla's stock is up 42% ?
Navigasi - Leading electric car maker Tesla plans to buy back bitcoins to boost the company's cash position. This was revealed directly by the Tesla boss, Elon Musk.
|Why would Tesla sell 75% of its Bitcoin even though Tesla's stock is up 42% ?|
Launching from CoinDesk, Thursday (21/7), Tesla had sold most of its bitcoins in the second quarter. This was triggered by uncertain global conditions, including the lockdown imposed in China related to COVID-19.
On the other hand, Tesla CEO Elon Musk stated, his party remains open to increasing bitcoin assets in the future. According to him the sales made in the second quarter should not be considered a verdict against Bitcoin.
For information, Tesla sold their bitcoin assets for US $ 936 million or Rp. 14 trillion (exchange rate of Rp. 15,000). This amount is equivalent to 75% of Tesla's total Bitcoin holdings for the quarter. Tesla reported earnings after the bell, and the results sent the stock up slightly after hours.
Earnings per share (EPS): $2.27 (adjusted) vs. $1.81 expected, according to Refinitiv
Revenue: $16.93 billion vs. estimated $17.1 billion, according to Refinitiv
Automotive gross margin stood at 27.9%, down from 32.9% last quarter and 28.4% last year, influenced by inflation and more competition for battery cells and other components that go into electric vehicles. Automotive revenues accounted for $14.6 billion of the company's total, with $1.47 billion coming from services and other revenues, and $866 million from the company's energy segment.
The company generated $344 million in auto regulatory credit revenue in the second quarter, the company said on its shareholder deck. That is a decrease of $10 million or nearly 3% from the same period in 2021.
CEO Elon Musk, on Wednesday's earnings call, said Tesla's new factory outside Berlin surpassed 1,000 cars per week in June, and he expects the company's new factory in Austin, Texas to exceed the 1,000-per-week production milestone in the next few months. At the time of writing Tesla shares are up 10%.