Varney: Will Tesla investors accept another Elon Musk-driven crisis?
Musk is the most dynamic entrepreneur in generations, is up there with Steve Jobs, Varney argues
Stuart Varney: Will Tesla investors accept another Elon Musk-driven crisis?
Varney & Co. host Stuart Varney discusses whether Elon Musks latest technological gamble will pay off for investors.
During his "My Take," Tuesday, "Varney & Co." host Stuart Varney discussed Tesla's "dramatic" stock slide ahead of its Q1 earnings report as Wall Street awaits Elon Musk's statement on the EV maker's future and its anticipated transition into an A.I. company.
STUART VARNEY: With Elon Musk it’s one crisis after another. There's never a dull moment.
He is a mercurial character, never happy unless he's on the brink and stirring things up.
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He's doing that right now. Tesla is in turmoil.
Tesla CEO Elon Musk speaks during the Tesla China-Made Model 3 Delivery Ceremony at the company's Gigafactory in Shanghai, China. (Photographer: Qilai Shen/Bloomberg via Getty Images / Getty Images)
He canceled a scheduled trip to India, which he hopes will be a huge market for Tesla.
He stayed home to deal with the fallout from the price cuts he put in place, the 10% of the workforce he laid off, and a dramatic stock price decline.
Tesla has lost tens of billions in market value.
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This afternoon comes the much anticipated earnings report, but what everyone is waiting for is the statement Musk will release about the future.
Specifically, the Robotaxi, which Musk sees as the future of the company.
If he commits to it, and he's expected to, it will transform the company.
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The Robotaxi is essentially an A.I. product. The Robotaxi would make Tesla an A.I. company.
It's typical of Musk to go out on a technological limb. He's done it before and came out a winner.
Will investors accept another Musk-driven crisis?
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Another leap in the dark from a man who already has so much on his plate?
Musk is the most dynamic and creative entrepreneur in several generations. He's up there with Steve Jobs.
Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of Twitter, attends the Viva Technology conference in Paris, France, June 16, 2023. (REUTERS/Gonzalo Fuentes/File Photo / Reuters Photos)
Today, we'll see how far down the A.I. road he wants to take his business.
The reaction of the stock price will tell us if investors will back him on one more adventure.