Tesla Inc. (NASDAQ:TSLA) and CEO Elon Musk were in the headlines once again as rumors about a possible sale of its Chinese business, as well as questions about the company’s valuation, captured the news cycle. Here’s a quick recap of this week’s major events.
Elon Musk Dismisses Rumors of Tesla’s Chinese Business Sale
Musk dismissed reports of the company selling its Chinese arm to pave the way for a possible merger with Space Exploration Technologies Corp. (NASDAQ:SPCX). The Tesla CEO called the Wall Street Journal report “absurdly fake news.” Read the full article here.
Gary Black’s Fair Valuation of Tesla
Investor Gary Black reaffirmed his view that Tesla shares were overpriced. He pegged a fair price for the share at $312, criticizing bullish supporters who refuse to compare valuation versus price, stating that such investors are doomed to overpay for companies like Tesla. Read the full article here.
US Ban on Humanoid Robots Strains Relations with China
The Trump administration’s restrictions on foreign-made humanoid robots have drawn criticism from Chinese authorities, who claim the move severely damages relations between the two countries. It could also harm Tesla’s Optimus ambitions if China decides to restrict U.S. companies’ access to the country’s market, as well as rare earth metals. Read the full article here.
China’s BYD to Debut Its First Humanoid Robot
Tesla’s Chinese rival BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) confirmed that its first humanoid robot will debut in August this year. The company has been investing in Chinese robotics developers and testing machines in its factories. Read the full article here.
Musk’s Net Worth Drops by More Than $600 Billion
Musk’s net worth has seen a significant drop, plunging from a peak of $1.32 trillion in June to close to $720 billion as both SpaceX and Tesla stocks recorded sharp declines in value. SpaceX is set to hold its first earnings call since going public in August. Read the full article here.
Ross Gerber Questions Tesla’s Optimus Bet
Investor Ross Gerber of Gerber Kawasaki expressed skepticism about Tesla’s bet on humanoid robots, stating that there’s no revenue coming anytime soon. He highlighted the challenges of replicating the physical capabilities that make humans unique, such as hands, feet, and eyes. Read the full article here.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
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