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Tesla’s Cybercab Unveiling Fails to Impress, Musk’s Net Worth Drops
Tesla’s “We, Robot” event, which showcased the Cybercab and Robovan prototypes, fell short of expectations for investors. Consequently, Tesla stock plummeted by over 9%, dragging down CEO Elon Musk’s net worth.
Musk, who owns a significant stake in Tesla, saw his net worth decrease by approximately $15 billion. Despite this loss, he remains the world’s richest person with an estimated fortune of $240 billion.
Tesla’s stock had been trending downward since August, when the “We, Robot” event was postponed. The release of the prototypes failed to halt the decline, with analysts citing a lack of clarity in the company’s self-driving vehicle plans.
The absence of a promised low-cost Tesla model may have also contributed to investor skepticism. However, Musk remains optimistic, stating that the Cybercabs will be deployed “before 2027” and hailing the Optimus robots as “the biggest product ever.”