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.

    • @[email protected]
      2•1 month ago

      I suspect sometime ago it switched from belief in him to most market players believing that “enough people will believe this guy’s shit that the line will go up so best jump in early”, essentially a self-made prophecy as long as enough people believe that others believe.

      In that sense this result of his presentation pushing the line down A LOT means that even the idea that no matter how much he’s lying he will move the market up is finished and his bullshit being a Midas Touch has now reached the natural endlife of becoming a Shit Touch.

      That being so, has much more massive implications for Elon’s business success and wealth as well as that of companies links to him, than merely the market losses in this one instance, since he is very much a One Trick Pony whose “bullshitter of tech fanboys” trick has stopped working and nobody is going to be betting on Elon pushing the line up anymore, the core of his success in getting wildass ideas funded and his companies in non-Tech industries getting Tech-style market valuations.

      The next couple of years for Elon are going to be really “interesting”.