Picture source: Sky News
Tesla shares have taken a serious tumble in the wake of cybertruck show fiasco.
Just over three-quarters of a billion dollars were wiped off the company’s value overnight after an ill-fated stage show of Tesla’s much-vaunted ‘cybertruck’.
The Cybertruck, a futuristic-looking pickup-like vehicle built with stainless steel, was unveiled during a glossy show in Los Angeles on Friday. Elon Musk himself appeared on stage alongside the vehicle, praising its features and bragging about its ‘shatterproof’ windows.
The demonstration started well enough, as a sledgehammer-wielding Musk hit the truck’s door panels to little effect. But things quickly went south after Musk asked Tesla’s chief designer, Franz von Holzhausen, to throw a small metal bearing against the vehicle’s windows. The impact immediately shattered one of the windows, and when asked to try again with another window, the same thing happened. Musk had to carry on the presentation with a visibly damaged vehicle.
Tesla’s shares plunge a full six percent in value the following day, taking a $768m chunk off the company’s value in one single day.