“Macroeconomic prognosis is a recipe for disaster,” Elon Musk said Thursday night, before noting that the US economy is expected to experience a “relatively mild recession for something like 18 months.”
In fact, comments proved to be a bad omen for Tesla (NASDAQ: TSLA) shares on Friday as stocks fell 6.63%.
Additionally, Musk updated the rollout schedule for his Cybertruck, which was originally slated to enter production in 2021. As is usually the case with Tesla production timelines, this projection appears to have been rather overly optimistic. So did the original price, according to Musk.
“Cybertruck pricing, it was unveiled in 2019, and the reservation was $99. A lot has changed since then so specs and prices will be different,” he said, “I hate to give out some kind of bad news, but I think there’s no way kind of anticipated the inflation that we’ve seen and the various issues.
The truck is now expected to arrive in 2023.
Musk also updated investors on the approval of a 3-for-1 stock split, factory construction, progress in self-driving and vehicle production rates. Learn more about the highlights of the “Cyber Roundup”.
There is also another explanation that the decision came when Twitter (TWTR) hit back at the Tesla leader over his fake account allegations.
Twitter (TWTR), on the other hand, rose sharply on Friday.