It seems investors were a bit ‘disappointed’ by Elon Musk’s unveiling of Tesla’s latest innovations.
Last week (October 8), Tesla put on a ‘We, Robot’ event at the Warner Bros. Studios in Burbank, California, revealing the company’s latest designs – the Cybercab and Robovan – as well as the next generation of its Optimus robots.
Alas, Elon Musk’s presenting of the automative company’s next chapter wasn’t met with the best reception, with some left terrified by the robots and analysts even less impressed.
Tesla robot that can fold clothes
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The Optimus robots were revealed by Musk as being able to do basically anything which you’re too lazy to do yourself.
He said: “It’ll do anything you want. It can be a teacher, babysit your kids, it can walk your dog, mow your lawn, get the groceries. Just be your friend, serve drinks. Whatever you can think of, it will do.”
The self-driving robotaxi – Cybercab – was unveiled with no pedals nor steering wheel, just two doors and a bit of a hazy plan for a release date, with Musk saying production would start ‘some time before 2027’ – how specific. And the lack of details didn’t go unnoticed by analysts and investors.
Morgan Stanley analyst Adam Jones wrote in a note to clients, as quoted by Business Insider: “Heading into what might arguably have been the most highly anticipated product unveil in Tesla’s history, we had a number of expectations of what the market might learn that we felt were consequential to the direction and debate around the stock.
“We were overall disappointed with the substance and detail of the presentation.”
And it seems the disappointment has had an impact on Musk’s overall net worth too.
Elon Musk may’ve been dancing about the unveiling but analysts weren’t (Christian Marquardt – Pool/Getty Images)
It’s reported by Friday Tesla’s stock price sank over nine percent, with shares going from being worth $238.77 a pop to $217.80.
Musk’s own stake in Tesla shares is reported by both Reuters and Business Insider as being around 13 percent and subsequently his own shares going down in value caused a domino effect on his total net worth.
Bloomberg Billionaires Index reported at the end of the trading day in New York on Friday (October 11), Musk’s net worth fell by an impressive $15 billion, leaving him with a total of $240 billion.
As of today (October 14), Musk’s net worth is still reported as standing at a cool $240 billion although, billions are clearly peanuts to Musk, because even this hasn’t knocked him from the top spot on the list of the richest people on the planet – he’s probably not crying about it anytime soon.
