Palo Alto, CA — Shares of Tesla Motors (TSLA) are under pressure today after revisions to their robotaxi expectations are coming in lighter than first estimated. Previously Elon Musk had stated that there would be upwards of 500 million robotaxis by 2021 ‘at the latest’ however in an interview yesterday he noted that this estimate was lofty and will be closer to 100 million.
“The technology is there make no mistake. If it wasn’t for all the bureaucracy and red tape and the fact that we’ve only produced a little more than 1 million cars, we would easily hit this goal,” noted an agitated Musk. “Robotaxis are the future. If you think you’re going to be driven around by some person to get where you need to go you’re living in the 90’s or something.”
Analyst Margaret Wells explains further, “Yesterday’s valuation of Tesla was pricing in 1 robotaxi for every 15 people on earth. Does the world even need that many? Probably not. But regardless the price reflected this near certain reality. And with this new revision it’s understandable seeing the stock trade down as much as 8%.”
As imagined this news is not being taken well over on the popular Reddit page r/Wallstreetbets where many people comically leveraged are routinely joking about suicide.