Why did Tesla collapse on Friday? Musk’s recession commentary, Cybertruck timeline

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“Macro-economic forecasting is a recipe for disaster,” said Elon Musk on Thursday night before noting that the US economy was likely to experience “a relatively mild recession for about 18 months.”

Indeed, comments proved unsuccessful for Tesla (NASDAQ: TSLA) stocks on Friday as stocks fell 6.63%.

In addition, Musk has updated the Cybertruck deployment schedule, which was originally scheduled to go into production in 2021. As is typical of Tesla’s production timeline, this forecast seems too optimistic. So is the initial valuation, according to Musk.

“Cybertruck pricing was unveiled in 2019 and the booking was $ 99.” A lot has changed since then, so the specs and prices will be different, “he said,” I hate giving some bad news, but I don’t think there’s a way to predict enough of the inflation we’ve seen and the various issues. “

The truck is expected to arrive in 2023.

Musk also informed investors about approval of a 3-to-1 split, factory expansion, progress in autonomous driving, and vehicle production rates. Read more about the highlights of Cyber ​​Roundup.

There is also an alternate explanation that the move came when Twitter (TWTR) responded to Tesla’s frontman allegations of fake accounts.

By contrast, Twitter (TWTR) surged on Friday.

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