Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’
Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’
Investors criticised lack of detail about the ‘robotaxi’ showcased by Elon Musk
Analysts criticise lack of detail about the ‘robotaxi’ showcased by CEO Elon Musk
Tesla shares fell nearly 9% on Friday, wiping about $60bn (£45bn) from the company’s value, after the long-awaited unveiling of its so-called robotaxi failed to excite investors.
Shares in the electric carmaker tumbled to $217 at market close following an event in Hollywood, where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle. The stock price is down roughly 12% year-to-date.
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However, analysts said the event was short on detail and also expressed disappointment over a lack of specifics about other Tesla projects. Musk has a history of making grand projections about upcoming products and failing to follow through in the timeframe he has set, or at all.
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Nooo they didn’t like the self-driving robotaxi that isn’t self driving. What about the bus that can’t go over a pothole? No? How about robots that are controlled and voiced by humans? Damn. Tough crowd.
Also there's this whole track record of Elon Musk's demonstrations were there's no clear independent validation that they actually work as we are being said they to or they're merelly announcements or concepts: those things are invariably complete total bollock at best bordering on Fraud.
I reckon that finally he has entirely exhausted both the benefit of the doubt that his demonstrations are in any way honest and representative of real products present or future, and the idea that "he might be bullshitting but he'll pull in enough suckers that early investors will win from going all in even if it's 100% bollocks".
The Midas Touch of Elon's bullshit has finally ran its course and turned into a Shit Touch.