Why did Tesla drop on Friday? Musk recession comments, Cybertruck timeline

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“Making macroeconomic forecasts is a recipe for disaster,” Elon Musk said Thursday night, before noting that the US economy is likely to experience a “relatively mild recession for about 18 months.”

In fact, the comments turned out unfavorable for Tesla (NASDAQ:TSLA) stocks on Friday when stocks fell 6.63%.

Additionally, Musk updated the schedule for the launch of his Cybertruck, which was originally scheduled to go into production in 2021. As is typical of Tesla production schedules, that projection appears to have been overly optimistic. As is the starting price, according to Musk.

“Cybertruck price, it was unveiled in 2019 and the preorder was $99. A lot has changed since then so the specs and pricing will be different,” he said, “I hate to give a bit of bad news but I think that there is no way to have anticipated the inflation that we have seen and the various problems”.

The truck is now scheduled to arrive in 2023.

Musk also updated investors on the approval of a 3-for-1 stock split, factory construction, progress in autonomous driving and vehicle production rates. Read more about the highlights of the “Cyber ​​Roundup”.

There is also an alternate explanation that the move came about as Twitter (TWTR) bit the Tesla front man for his fake account allegations.

Twitter (TWTR), by contrast, rose sharply on Friday.

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