{"id":46749,"date":"2021-07-27T12:53:44","date_gmt":"2021-07-27T09:53:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46749"},"modified":"2025-09-01T17:57:13","modified_gmt":"2025-09-01T14:57:13","slug":"tesla-writes-off-23m-in-q2-amid-negative-bitcoin-dynamics","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/tesla-writes-off-23m-in-q2-amid-negative-bitcoin-dynamics\/","title":{"rendered":"Tesla writes off $23m in Q2 amid negative Bitcoin dynamics"},"content":{"rendered":"

Tesla, in the April\u2013June period, reported<\/a> net income of $1.14 billion on revenue of $11.96 billion. The $23 million impairment resulting from the negative performance of its on-balance-sheet 42,902 BTC<\/a> did not materially affect the results.<\/p>\n

Earnings per share of $1.45 and revenue of $11.96 billion beat market expectations of $0.98 per share and $11.3 billion, respectively. Following the results, the stock rose 2%.<\/p>\n

The electric-vehicle maker invested $1.5 billion in Bitcoin<\/a> in February. Later, Elon Musk called the move “quite risky”<\/a>.<\/p>\n

A month earlier, the company updated its investment policy, reflecting a more flexible approach to diversification and to maximising returns on funds not required to support ongoing operations.<\/p>\n

The average purchase price of Bitcoin in February was $34,963. Bitcoin traded at roughly the same levels at the end of Q1.<\/p>\n

A $23 million impairment was recorded in Tesla’s second-quarter results under the “restructuring and other” line item within operating expenses.<\/p>\n

At the subsequent earnings call, which also included Tesla’s chief financial officer Zachary Kirkhorn, the topic of Bitcoin was not raised.<\/p>\n

After Bitcoin hit an all-time high<\/a> in April, a tendency emerged for Tesla’s shares to lag the Nasdaq 100. The strongest correlation between Bitcoin and the automaker’s shares occurred during the period the May drop to $30,000<\/a>. Subsequently, as Wall Street reached new highs, this link weakened.<\/p>\n

\"Tesla
Tesla stock, Bitcoin, and Nasdaq-100 trends. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

At The B Word conference Musk said he owns Bitcoin<\/a>, Ethereum and Dogecoin. SpaceX invested in Bitcoin.<\/p>\n

In late March Tesla began selling EVs for Bitcoin<\/a>, and in late April disposed of part of its digital gold for $272 million<\/a>.<\/p>\n

On May 13, the company suspended sales of electric vehicles for the primary cryptocurrency<\/a> due to concerns about the environmental footprint of mining. At The B Word, Musk suggested the option could be reintroduced as mining became more environmentally friendly.<\/p>\n

Subscribe to ForkLog news on VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla reported net income of $1.14 billion on revenue of $11.96 billion for the April\u2013June period. The $23 million impairment due to the negative performance of the 42,902 BTC on the balance sheet did not have a material impact on results.<\/p>\n","protected":false},"author":1,"featured_media":46750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1211,1319],"class_list":["post-46749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-stock-market","tag-tesla"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=46749"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46749\/revisions"}],"predecessor-version":[{"id":46751,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46749\/revisions\/46751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/46750"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=46749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=46749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=46749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}