Los Angeles, October 13, 2024 – Tesla's unveiling of its autonomous taxi, the Cybercab, has led to a significant decline in the company's stock, resulting in a $15 billion loss for CEO Elon Musk.
During the presentation on Thursday, Musk announced plans for the Cybercab and a concept for a Robovan, but the lack of detailed information disappointed analysts. Following the event, Tesla's shares plummeted nearly 9% on Friday.
Musk, who owns approximately 13% of Tesla's shares, saw his net worth drop to $240 billion, although he remains the world's richest person. If Musk's substantial stock compensation package is legally upheld, his stake in Tesla could exceed 20%.
Analysts expressed skepticism regarding Tesla's timeline for the rollout of autonomous taxis, with Morgan Stanley's Adam Jonas labeling the presentation as disappointing. Musk stated that Cybercabs are expected to launch by 2027 but did not provide a timeline for the Robovan.
The event also showcased Tesla's humanoid Optimus robots, which performed various tasks. Musk emphasized positive investor feedback on the company's vision for autonomous taxis, despite the stock decline.