THE FIRST SCANDAL FOR FULL SELF DRIVING
The National Highway Traffic Safety Administration (NHTSA) is getting ready to hold up a Stop sign after Tesla’s new Full Self-driving (FSD) software gets its first complaint.
- A FSD glitch caused an accident, according to a complaint received by the NHTSA, which hasn’t had the best relationship with Tesla for years amid a bunch of auto driving accidents.
- The software had to be rolled back in October briefly after software issues.
- Elon Musk sold $6.9bn in Tesla shares last week, and the stock reacted with a 15% loss for the week – its worst week since Covid hit in March last year.
Twitter called and Elon answered, selling billions in Tesla stock after his followers told him to. But… but… was he always gonna?
- Musk has offloaded $5bn worth of Tesla shares this week – around 3% of his stake – following a Twitter poll calling on him to sell 10% of his stock. But some of that was a pre-planned trading plan, tbf.
- Analysts are concerned the price won’t hold up against what is already Musk’s biggest ever liquidation, especially considering the 12% the stock has already lost this week.
- The 24/7 traded crypto-linked Tesla token (TSLAUSD) foreshadowed the main market losses with a 7% drop over the weekend, but held up against the share dump news in Thursday morning trading.
MUSK MOVES MARKETS (BUT IN A BAD WAY)
You might be having a bad week, but is it “I just lost $50bn” bad?
- Tesla just lost $200 billion in its biggest two-day price drop in 14 months. Shares came dangerously close to dipping back below £1k, while Musk saw about $50bn wiped off his personal fortune.
- It started with a Twitter poll that urged Musk to sell 10% of his Tesla stock to pay tax. Michael Burry (“The Big Short” inspo) reckons Musk actually wants to sell the stock to cover personal debts.
- It’s the second-biggest one-day loss a billionaire has ever seen
Tesla’s Chinese troubles
Tesla’s trying to recover its rep in China, but the latest delivery numbers could spell trouble.
🚙 Tesla sold 54,391 EVs out of its Chinese factories in October, solidifying its Shanghai plant as export MVP.
🌎 40k of those shipped overseas. That’s 350% more than last year but still a slowdown from September.
🇨🇳 Tesla is fighting to keep its market share in China, and rival EV makers are already taking the wheel.