Tesla shares fall eight% after robotaxi occasion panned for lack of particulars

Elon Musk went again to his outdated playbook with the robotaxi occasion, teasing untried expertise and mixing it with hype. The issue is that he routinely blows via deadlines by an order of magnitude and last pricing would not resemble what was promised. There is no such thing as a world the place cybercabs are on the highway in 2026.

Shares are down eight% on the open however there’s something of a bounce off the lows as shorts take revenue (TSLA is the most-shorted inventory on the S&P 500).

What I discover fascinating is the robotics. I am a giant believing that what Musk was speaking about with reference to robots doing all the things is coming they usually’re in a good spot to construct them. The factor is, China is in a a lot better spot to construct them so it is robust to justify a $700 billion market cap in a section that is huge open.

On the flipside of Tesla, shares of Uber are the best-performing inventory, up eight% because the aggressive risk from the cybercab seems distant.

This text was written by Adam Button at www.ubaidahsan.com.



Source link