Tesla Stock Sinks After Disappointing Robotaxi Event
Tesla stock sinks after the highly anticipated robotaxi event, experiencing a drop of over 5% in premarket trading, settling at $224.68. This decline comes as the S&P 500 and Dow Jones Industrial Average also faced minor reductions of 0.1% each.
The event, rather anticlimactic, showcased a new cybercab and robovan, with discussions on launching limited robotaxi services by 2025. However, there was a lack of in-depth technical safety details, with little input from Tesla executives other than Elon Musk. Much of what Musk shared had already been communicated previously.
Prior to the event, Tesla's stock had seen a significant increase of about 45% since Musk's announcement of Robotaxi Day on April 5. In the month leading up to Thursday's presentation, shares had risen around 6%. Investors now eye the $225 mark, which aligns with the stock's 50-day moving average; a fall below this level could signal broader investor disappointment regarding the event.
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