Tesla stock notched another grim milestone Friday, extending stock year-to-date dive to over 40%, and there remains plenty of cause to remain highly cautious about the stock in the near term even as it grows cheaper.
Regulators said the issue was likely caused by an unapproved soap used during manufacturing.
“There is nothing I hate more, but it must be done,” Tesla’s centibillionaire CEO Elon Musk reportedly said about his company’s decision to eliminate more than 10% of its workforce.
Demand is high and supply is low for the CyberBeast, the highest-end version of Tesla’s cyber truck.
Billionaire Tesla CEO Elon Musk announced Friday afternoon in a post on X that Tesla will unveil its highly anticipated robotaxi later this summer—delivering an after-hours boost to the company’s beleaguered stock.
It was a “nightmare quarter” for Elon Musk’s electric vehicle titan.
Musk’s net worth is down almost $60 billion in 2024 alone, according to Forbes’ estimates, as Tesla stock tanked and a judge swatted down Musk’s record compensation package.
Novo Nordisk and Eli Lilly each have a higher market capitalization than Tesla, a dramatic shift from the end of 2021, when Tesla was worth four times more than each of the weight loss kingpins.
Musk’s $56 billion compensation package was voided in January in a lawsuit brought forth by a Tesla shareholder.
Tesla has lost $210 billion of market value in 2024 while Eli Lilly gained $140 billion, as investors trade ditch their EV optimism for the GLP-1 craze.