Elon’s Bad Day

From Caleb Ecarma’s Oligarch Watch:

Tesla stock fell by almost 15% on Thursday, shaving $200 billion off the company’s market capitalization. The selloff — which bled into Friday and took place as the stock of Elon Musk’s other public company, SpaceX, continues to plummet — was Tesla’s worst single-day performance since March of last year.The plunge was triggered by Tesla’s quarterly report on Wednesday, which included missed earnings estimates, underwhelming profits from its vehicle sales, and $5.8 billion in spending on its speculative artificial intelligence projects: self-driving cars and humanoid robots.

The market is starting to grow tired of Musk’s empty promises. Coupled with SpaceX’s recent poor performance, Musk’s net worth is estimated to have dropped by $550 billion in the past 7 weeks. Despite all this, Musk continues to insist that Tesla should be “spending on Capex as fast as we can without being too wasteful”.

I used to really want a Tesla and planned to buy one the next time I needed a car, that was before the richest man in the world decided that killing an estimated 700,000 people was fun.