Earlier this year, Tesla announced a major product event would be held on 8/8 instead, and the highlight would be the long-anticipated Robtaxi. As that date approached, management grew concerned they weren’t ready, so they pushed it forward to 10/10.
I started watching the livestream at 7 p.m. PST, when it was supposed to begin but, as with all Tesla events, it wasn’t on-time. After 39 minutes of listening to their thump-thump music and waiting, I offered the following.
Almost an hour late, the event started, and Elon did his usual not-that-great-an-orator speech to the gathered masses, who whooped and hollered with excitement as he announced their plans for Robotaxi, the Tesla robot (which he declared would be the biggest product in the history of everything), and even the Robovan (which he insisted on pronouncing roBOvan instead of RObovan, because, I suppose, he thought it was clever and/or amusing).
I had no position in Tesla, although I often referred to the forthcoming event as likely yet another “Buy the Rumor, Sell the News” kinds of things, and, yep, sure enough…………
The reason for this is basically the first point I made in a post-event tweet last night:
So, with Tesla tumbling, want to know who’s soaring? Yep. The competition.
They figure, well, hell, if Elon has no clue when Robotaxi is going to be ready, it’s at LEAST two years out, so they have the entire market for themselves.
Anyone who laid bets on TSLA soaring today is going to wake up very disappointed.
