It appears that investors were somewhat “disappointed” by Elon Musk’s recent presentation of Tesla’s latest innovations.
On October 8, Tesla hosted a “We, Robot” event at Warner Bros. Studios in Burbank, California, where the company showcased new products, including the Cybercab, Robovan, and the next generation of Optimus robots. However, Musk’s vision for the automotive company’s future did not generate much enthusiasm, leaving some attendees alarmed by the robots and analysts underwhelmed.
Musk claimed that the Optimus robots could perform nearly any task that someone might be too lazy to do themselves, stating, “It’ll do anything you want. It can be a teacher, babysit your kids, walk your dog, mow your lawn, get the groceries. Just be your friend, serve drinks. Whatever you can think of, it will do.”
The Cybercab, Tesla’s self-driving robotaxi, was presented without pedals or a steering wheel, featuring just two doors and an ambiguous timeline for its release, with Musk suggesting that production might begin “sometime before 2027.” This lack of detail raised concerns among analysts and investors.
Morgan Stanley analyst Adam Jones expressed disappointment in a client memo cited by Business Insider: “Heading into what might arguably have been the most highly anticipated product unveil in Tesla’s history, we had several expectations about what the market might learn that we felt were crucial to the direction and discussion surrounding the stock. Overall, we were disappointed with the substance and detail of the presentation.”
This disappointment seems to have impacted Musk’s net worth as well. By Friday, Tesla’s stock price had fallen over nine percent, dropping from $238.77 to $217.80 per share.
Musk, who holds an estimated 13 percent stake in Tesla according to both Reuters and Business Insider, saw a decline in the value of his shares, which contributed to a decrease in his overall net worth. According to the Bloomberg Billionaires Index, Musk’s net worth dropped by $15 billion by the close of trading in New York on Friday, October 11, leaving him with a total of $240 billion.
As of October 14, Musk’s net worth remains at $240 billion. However, given his wealth, this loss may not significantly affect him, as he still holds the title of the world’s richest individual and is likely not overly concerned about it.