Tesla's robotaxi event caused an 8% stock drop, but analysts and investors are positive

From Nasdaq: 2024-10-16 06:00:00

This year proved volatile for Tesla shareholders, with a highly anticipated event introducing the company’s self-driving robotaxi. However, CEO Elon Musk abruptly rescheduled the event, causing a stock drop of about 8%. Despite mixed reactions, analysts like Dan Ives and Gene Munster see Tesla’s technology as game-changing but acknowledge it may take years to materialize commercially.

Following the robotaxi reveal, ARK Invest CEO Cathie Wood purchased 12,730 shares of Tesla, indicating potential confidence in the company’s long-term outlook. While some consider the event underwhelming, analysts like Ives and Munster, along with Wood’s purchase, suggest overall positivity towards Tesla’s tech advancements. The dip in stock price may present an opportunity for investors interested in Tesla’s AI innovation.

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Read more at Nasdaq: Should You Buy the Dip in Tesla Following the Robotaxi Event?