Elon Musk Unveils $30,000 Cybercab — Investors Wipe $60 Billion Off Tesla Overnight. And other news, October 14, 2024

1. Tesla’s Cybercab Sends Investors into a Spin

Tesla CEO Elon Musk unveiled the much-anticipated Cybercab at the “We, Robot” event — a self-driving two-seater priced at $30,000. However, the announcement didn’t sit well with investors, as Tesla’s stock plunged more than 8% by Friday, erasing $60 billion in market value. The concerns stem from unanswered questions about production plans and Tesla’s progress on fully autonomous technology.

Why it matters: The market’s reaction highlights investor skepticism about Tesla’s ability to deliver on ambitious projects without clear execution strategies. The drop in stock value underscores the importance of transparency and concrete plans in maintaining investor confidence, especially when introducing groundbreaking technology.

2. SpaceX Lands Another Booster Rocket, Musk Celebrates

In contrast to Tesla’s challenges, Elon Musk’s other venture, SpaceX, achieved another milestone. Over the weekend, the company successfully recovered a booster rocket with remarkable precision, further demonstrating SpaceX’s technological prowess. Musk took to social media to proudly share the achievement.