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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Tesla and Elon are one of the reasons why I don’t but individual stocks but I rather get indices… It’s just the lack of consistency and the fact a single person can make you lose money…