It appears that Elon Musk’s recent unveiling of Tesla’s latest innovations left investors feeling a bit “disappointed.”
On October 8, Tesla held its “We, Robot” event at Warner Bros. Studios in Burbank, California, showcasing the company’s new designs, including the Cybercab, Robovan, and the next generation of Optimus robots. However, Musk’s presentation of these future projects didn’t receive the warmest reception. While some attendees were left unsettled by the robots, analysts expressed even more skepticism.
Musk introduced the Optimus robots as capable of handling nearly any task people might prefer to avoid. He said, “It’ll do anything you want. It can be a teacher, babysit your kids, it can walk your dog, mow your lawn, get the groceries. Just be your friend, serve drinks. Whatever you can think of, it will do.”
The self-driving Cybercab, designed without pedals or a steering wheel, was also revealed. The vehicle featured just two doors, but specifics about its release remained vague, with Musk stating production would start “sometime before 2027″—a timeline that analysts found notably lacking in detail.
Morgan Stanley analyst Adam Jonas reflected this disappointment in a note to clients, as quoted by Business Insider: “Heading into what might arguably have been the most highly anticipated product unveil in Tesla’s history, we had a number of expectations of what the market might learn that we felt were consequential to the direction and debate around the stock. We were overall disappointed with the substance and detail of the presentation.”
The event’s lukewarm reception seemingly impacted Musk’s net worth as well. By Friday, Tesla’s stock price dropped more than nine percent, with shares falling from $238.77 to $217.80. Musk, who holds about 13 percent of Tesla’s shares according to Reuters and Business Insider, saw his personal fortune take a significant hit as a result.
By the end of the trading day on Friday, October 11, the Bloomberg Billionaires Index reported that Musk’s net worth had decreased by an astounding $15 billion, bringing his total down to $240 billion. Despite the drop, as of October 14, Musk’s wealth remains at $240 billion, which still keeps him comfortably at the top of the world’s richest individuals.
It’s safe to say Musk isn’t losing any sleep over it.
