Tesla shares plunge to lowest level since mid-September
Tesla (TSLA) shares fell more than 2% on Friday amid a broader tech sell-off, bringing losses to 10% since CEO Elon Musk received his $1 trillion pay package.
During midday trading, Tesla stock dipped below the $400 mark, reaching lows not seen since September 15, News.Az reports, citing foreign media.
Although the stock had partially recovered on Thursday, it still closed down 6.6%, marking its worst single-day performance since late July.
As noted by Bespoke Investment, Tesla stock has shed around 10% since shareholders approved Elon Musk's $1 trillion pay package at last Thursday's shareholder meeting.
However, with the saga of Musk's $1 trillion pay package behind it, analysts like Wedbush's Dan Ives remain bullish on Tesla shares, and he believes the automaker's AI future is where investors should be looking.
Tesla is currently testing its robotaxi service in Austin, Texas, and the San Francisco Bay Area, though with safety drivers in place. Musk said at Tesla's recent shareholder meeting that Austin's robotaxi safety drivers would be removed by the end of the year. He added that Miami, Dallas, Phoenix, and Las Vegas will be the next cities to test Tesla's robotaxi service.
Tesla's purpose-built robotaxi, the Cybercab, is set to begin production in April of next year, Musk said.
Tesla revealed at the shareholder meeting that it will build a 1 million-unit Optimus production line at its factory in Fremont, Calif., and eventually a 10 million-unit line at Giga Texas in Austin. The company provided no timeline; however, Optimus is in pilot production at Fremont.
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