Tesla shares slumped nearly 5% in after-hours trading as it reported mixed results in the June quarter, caused mainly by a slump in automotive revenue.
Its Bitcoin holdings remained unchanged, but the company reported its value had exceeded $1.2 billion as the crypto market rallied. It also opened a new retro-themed diner in West Hollywood to some fanfare.
Tesla is one of the bellwethers for the broader tech sector, and is part of Big Tech’s “Magnificent 7,” which can offer clues to the appetite for high-risk and reward assets. Tesla stock (TLSA) ended the after-hours trading session at $317.80, according to Google Finance.
The stock fell as Tesla reported its earnings for the June quarter, which showed the company’s total automotive revenue fell 16% year-on-year, while its total revenue was down 12% during the second quarter.
In a X post, Tesla said it seeks to become a leader in AI, robotics and related services. The company launched its robotaxi service in Austin last month.
Tesla’s Bitcoin holdings reach over $1.2 billion on paper
At the end of the June quarter, Tesla’s Bitcoin holdings were worth $1.23 billion, which was attributed to the increased price of Bitcoin, rather than any new Bitcoin purchases.
Tesla’s chief financial officer, Vaibhav Taneja, whom Musk referred to on the call as “DevOps Ninja,” said that other income grew in Q2 to $284 million, up from a $125 million loss in Q1 due to a mark-to-market adjustment on its assets, including Bitcoin.
“Just want to remind people that this would keep creating volatility based on the Bitcoin price,” said Taneja.
Currently, Tesla holds 11,509 BTC, worth $1.36 billion, according to Nansen, which ranks it in 10th place in the list of publicly traded companies that hold Bitcoin as part of their treasury reserve.
It has lost ground in recent months as other companies have started purchasing BTC aggressively.
Tesla launches Tesla Diner, Musk floats cute outfits
Meanwhile, Tesla CEO Elon Musk said on X that he could upgrade the robot workforce at his newly opened retro-themed Tesla diner next year, complete with “cute” outfits.
The diner opened in West Hollywood, California, on Tuesday.
Musk said its robots will “bring the food to your car next year.”
Currently, the Tesla Optimus robot only serves popcorn to customers. An X post shows the robot serving popcorn to a customer in real-time.
“We saw the full Optimus in the Tesla Diner serving popcorn,” said Musk during an investor call.
“We’ll go from a world where robots are rare to where they’re so common that you don’t even look up.”
Tesla Diner is open around the clock. The two-story restaurant can house more than 250 patrons at once.
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Some have, however, criticized the diner for the high prices on its menu, which includes burgers, fries, cookies, fountain drinks, and more. The Tesla burger is the most expensive item on the menu, costing $13.50. With fries and a drink, this could end up costing $21.50.
The opening has seemingly gone well for Tesla, as Tesla Charging posted photos of the inauguration, which show people lining up to enter.
Grok, an AI chatbot integrated with X, replied to an X user who asked the chatbot to compare the prices of food at Tesla Diner to other similar restaurants.
“Tesla aligns with upscale diners but pricier than budget chains,” Grok said.
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