Q2 Earnings Report: Tesla Did Not Sell Bitcoin, Cathie Wood Bullish on Stock Price Reaching $3,000

According to Tesla's latest financial report released after the market closed on Monday (the 26th), the electric car manufacturer Tesla did not sell its $1.3 billion worth of Bitcoin in the second quarter. Tesla's stock price performed strongly on Monday, reaching a high of $668 and closing at $657.535, up 14.155%. The after-hours price was $666.

The second quarter financial report injected energy into Tesla, which has been struggling this year. Despite the skepticism from Wall Street, ARK Invest founder Cathie Wood has remained bullish on Tesla, believing that Tesla's stock price could reach $3,000 by 2025. She stated:

"The undervaluation of Tesla is mainly due to the focus of Wall Street auto analysts, who have short-sighted views and make analysis errors. However, Tesla is a multi-faceted technology company."

Tesla's Q2 financial report showed that its holdings of Bitcoin depreciated by $23 million. According to generally accepted accounting principles, the value of Bitcoin will be recorded at the lowest price of the quarter.

In February, Tesla announced the purchase of $1.5 billion worth of Bitcoin. In May, Tesla CEO Musk announced that Tesla would no longer accept Bitcoin payments due to concerns about the energy issues related to Bitcoin mining. Musk later stated that the environmental conditions of Bitcoin mining are improving, and Tesla may resume accepting Bitcoin payments.

In addition to Tesla, Musk also revealed for the first time at the "The B Word" online forum that SpaceX also holds Bitcoin.

This article is authorized to be reprinted from Horizon News Network