An analyst said that the drop doesn't have legs because of increased speculation about a delay in production of the Cybertruck model.
The Cybertruck with shattered windows, after a failed resistance test, was unveiled by Musk at theTesla Design Center in Hawthorne, California on November 21, 2019.
The images are from the same source.
The stock fell 4.7% to $1,054.48. As investors reacted to news that the Cybertruck production date was removed from the website in December, a change was noticed by industry publications as early as last week before reaching a wider audience.
The drop in share prices is simply a knee jerk reaction, according to an equity analyst.
There is reason to be optimistic about the production date for the Cybertruck, as he believes that the Gigafactory Texas facility in Austin will begin production of other vehicle models in the next week.
During the company's January 26 earnings call, Musk is believed to include information on the Cybertruck.
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The Cybertruck delay reports have put a bit of pressure on the stock ofTesla. I think most investors expect this to be a 2023 event, so I view it more as noise.
The key background.
Musk's Cybertruck was a mixed-at-best reaction. The day after the Cybertruck unveil, his net worth fell by 762 million dollars to $23.6 billion, according to Forbes. According to Forbes, Musk is the wealthiest person in the world with a $272.1 billion fortune.
1.3 million people. That is how many reservations have been secured for Cybertruck, according to a tracker.
The net worth of Musk fell after the debut of the cybertruck.
The Cybertruck website has a production date removed byTesla.
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