What Happened to TESLA Stock?
On Thursday, October 10th, Elon Musk hosted his RoboTaxi event. And the following morning, Tesla stock DUMPED, closing down around 8%.
Why?
It could be a mixture of things. And we’ll approach this as unbiased as possible, which these days … ain’t so easy. Is Wall Street catching on to the fact that Elon is Mr. Over Promise and Underdeliver?
Wait wait! I know sales were bad, BUT! Next year! We’re gonna launch this new thing!
And Wall St has their finger on the sell button until they hear, “next year.” And then all they see are dollar signs. Next year? We’re listening!
Of course, we all remember the Roadster that never happened. Or the hyperloop in Vegas that … never happened. Or the CyberTruck that was coming in a year and took just a little bit longer …
Could Wall St be losing patience? Maybe. But I find it funny when Elon Musk gives a reasonable timeframe on his RoboTaxi (perhaps around 2027), Wall St throws up their hands and goes, “That’s YEARS from now!” Or maybe they’re thinking if Elon says 1 year and it takes 3 years … if Elon says 3 years, does he really mean 9 years?
Either way, the We, Robot event seemed a little bit more like, “We have concepts of a plan,” than an actual plan.
He announces a self driving car that has many people on the internet saying wasn’t actually self driving and some guy standing to the left of it was controlling it via a remote.
He also announces this gigantic toaster:
And eventually, a robot that will bring you snacks, vacuum your floors and eventually rise up and kill you.
Finally, and I want everyone to take a deep breath here before I say this: Perhaps Tesla stock is selling off because of how close Elon Musk has gotten to Donald Trump lately.
Remember something here; People who lean left politically are more inclined to believe in climate change. They’re the solid customer base, the people who will be driving Elon’s cars. There’s only one problem: If Elon cozies up to Trump, that could rub his base the wrong way. I’ve seen it in the comments section on ANY video I post about Elon: People are embarrassed to be seen in the Tesla they already own. People are no longer interested in buying a Tesla because they don’t want to be associated with Elon.
But don’t worry because Elon has a lot of supporters on the right, right? Except if you scroll through TikTok, you’ll see video after video where people say they’d rather spend a year in jail than be seen driving an electric vehicle.
So … you’ve alienated your base and the people who love you wouldn’t be caught dead in an EV. Yikes.
And before you say wah wah democrats always cry and get their feelings hurt, let’s not forget the time Kid Rock shot at a case of Bud Light.
My gut feeling: Tesla is selling off because of a few things. And who knows? All of this stuff might not even matter big picture. If people generally shrug off their dislike for Elon because they want the car and don’t care about how it makes them look, none of this could matter long term.
Or maybe this marks the end and the board of directors might regret giving Elon that huge pay package. As with all things when you have a publicly traded company … maybe it’s just better to stay out of the divisise world of politics that can alienate your largest customer base.
