Following a disappointing quarterly report showing a decline in automotive revenue, Tesla, the leading electric vehicle company, saw nearly a 5% drop in its stocks in post-market trading. Despite this, the company reported that the value of its Bitcoin holdings surpassed $1.2 billion, owing to a surge in the cryptocurrency market. In addition, Tesla has broadened its ventures by launching a retro-styled diner in West Hollywood, stirring up considerable excitement.
Tesla, a major player in the tech industry, is among the “Magnificent 7” of Big Tech, offering insights into the market’s risk and reward dynamics. According to Google Finance, Tesla’s stock (TLSA) concluded the after-hours trading at $317.80.
Tesla’s automotive revenue experienced a 16% year-over-year decline in the second quarter, contributing to a 12% decrease in the company’s total revenue. However, Tesla remains ambitious in its pursuit of leadership in AI, robotics, and related services, launching its robotaxi service in Austin just last month.
As of the end of the second quarter, Tesla’s Bitcoin holdings stood at a value of $1.23 billion. This increase in value is attributed to Bitcoin’s price appreciation rather than new acquisitions of the cryptocurrency.
Tesla’s CFO, Vaibhav Taneja, known as “DevOps Ninja” by Musk, stated that other income rose to $284 million in Q2, a significant increase from a $125 million loss in Q1. This growth is partly due to a mark-to-market adjustment on assets, including Bitcoin.
Despite holding 11,509 BTC, valued at $1.36 billion, Tesla has dropped to the tenth position among publicly traded companies that include Bitcoin in their treasury reserve. This is due to other companies aggressively investing in Bitcoin.
In an intriguing development, Tesla CEO Elon Musk hinted at enhancing the robot workforce at Tesla’s newly opened retro diner with “cute” outfits. Musk anticipates these robots will start serving food to customers’ cars by next year. Currently, Tesla’s Optimus robot only serves popcorn to patrons.
Although the diner, which can accommodate over 250 customers at a time, has received criticism for its high prices, the opening has been largely successful. An AI chatbot, Grok, even compared Tesla’s prices to other diners, stating that “Tesla aligns with upscale diners but pricier than budget chains.”
