Wall Street remains skeptical over Elon Musk’s futuristic Cybertruck, time will also tell if they are generally accepted. Meanwhile, Tesla stock has depreciated since the electric automobile maker unveiled its long-awaited electric pickup truck in a live demonstration that went awry. Thus, erasing $768 Million off founder and CEO Elon Musk’s worth.
“You want a truck that’s really tough, not fake tough,” Musk said of the Blade Runner-Esque, angular car. “You want a truck you can take a sledgehammer to, a truck that won’t scratch, doesn’t dent.”
To demonstrate the above, Musk directed a Tesla designer to smash the Cybertruck’s door with a sledgehammer. No damage. However. when he had the designer throw a metal ball at its “armor-glass” windows, things didn’t quite go according to plans. “Oh my f***ing God,” a surprised Musk said, as the window shattered.
A second ball, thrown with less force, cracked the second window as well. “For a weird little reason, it broke now and I don’t know why,” Musk said to the crowd at the unveiling in Hawthorne, California. “We’ll fix it in post.”
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Tesla’s share price skidded by 6% since the close of trading on Friday, pushing Musk’s net worth down by more than three-quarters of a billion in a single day, to $23.6 billion. The 48-year-old founder is the 41st-richest person in the world.
Wall Street Divided
Analysts on Wall Street are split over Tesla. Among a group of 35 tracked by Bloomberg, 12 issued buy ratings for the stock, 9 issued holds and 16 issued sells. Across the board, analysts acknowledged the Cybertruck’s design is potentially polarizing.
“We believe there are important unanswered questions to be able to assess potential buyer interest in the model, and whether or not this could attract commercial fleets or remain a consumer niche vehicle,” Deutsche Bank analyst Emmanuel Rosner wrote in a research note, maintaining a hold rating.
Rosner questioned whether consumers would be turned off by the Cybertruck’s design and whether commercial buyers would trust its durability, noting “the shattering of the truck’s unbreakable glass windows during the live demonstration was not a good start.”
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