Tesla share dropped after Robotaxi unveiling event pushed back Overreaction?
1) Bloomberg reported that Tesla plans to postpone the release of driverless taxis from August to October so that the project team has more time to build additional vehicle prototypes. The stock price is currently down 6.25%. Some media quoted Bloomberg and speculated that it is "leaked insider information".
2) Jackie Xie from X.com commented that it shows Tesla's 11 consecutive days of growth are obviously not only due to the delivery and energy deployment exceeding expectations, but also includes a lot of expectations and hype about the driverless taxi on August 8.
3) Saywer commented that this 2 month delay report caused Tesla's market cap to drop $64 billion. It's just 2 months (if it's even true).
My Take: Musk has not yet confirmed the authenticity of the news. Until then whatever we said is just speculation. I think those who hope to see Robotaxi unveiling on 8 August are disappointed but not given up yet. As for Tesla stock, the drop in share price may be caused by other factors because the other M7 stocks are also in red which is rare. $META.US$ and $NVDA.US$ stocks fell by 4.85% and 4.88% respectively . See screenshot. I see it as a classic example of panic selling.
I'll update my post once we get more information from Tesla or Elon Musk about this Bloomberg report.
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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Spread Love N Joy :
What a shocker. Elon is famous for lying and manipulating and making false deadlines.
ZnWC OP Spread Love N Joy : This is a classic example of panic selling. $NVDA.US$