Investors slashed $50 billion from Tesla's market value on Tuesday after CEO Elon Musk promised to cut electric vehicle costs so radically that a $25,000 car that drives itself will be possible -- but not for at least another three years.
Last year Tesla CEO Elon Musk predicted autonomous driving would boost his company's market capitalization to $500 billion. On Monday, Tesla's market cap soared as high as $498 billion even though Tesla is still refining its self-driving software. Business Insider reports that it has only released a beta version to a limited number of customers. Musk made the claim during an investor call in May 2019, when Tesla's market cap was less than $45 billion, CNBC reported.
Four astronauts riding a newly-designed spacecraft from Elon Musk's rocket company, SpaceX, greeted their new crewmates aboard the International Space Station on Tuesday. The successfully docking was a landmark achievement for private space travel. Adam Reed reports.