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Getting ready for the "two problematic stories," Wells Fargo and JPMorgan , which came later in the morning, took some real digging. ET – Wells Fargo shares turned and started inching up. With what you saw in Wells Fargo and JP Morgan on Friday. Think like this: When the psychology of the market changes, people don't want to bang out of Wells Fargo, they want to get in. But there is no doubt that Wells Fargo at 11 times forward earnings now seems a little silly given that the background is so positive.
Persons: Larry Fink, Wells, Wells Fargo, Charlie Scharf, Jamie Dimon, Jeff Marks, JP Morgan, Scharf, It's, Warren Buffett, Morgan Stanley, Eli Lilly, haven't, Jim Cramer's, Jim Cramer, Jim, Squawk, Virginia Sherwood Organizations: BlackRock, JPMorgan, Wall, Club, Wells Fargo, Elon, SpaceX, Federal, New York Stock Exchange, Fed, Bank of America, Boston, Walmart, Costco, Semiconductors, Enterprise, JFrog, Microsoft, , Dow, Jim Cramer's Charitable, CNBC Locations: Wells Fargo, NII, U.S
The inaugural test launch of a Starship and Super Heavy — called an integrated test flight — took off in April 2023. The last test launch — the fourth of SpaceX’s integrated test flight campaign — took off in June. The concept animation above simulates how a successful catch of the Super Heavy rocket by Mechazilla could play out. On the fifth test flight, the upper Starship spacecraft will once again attempt to land upright in a controlled maneuver over the ocean. For example, SpaceX must figure out how to refuel a Starship spacecraft while it’s stationed in orbit.
Persons: “ chopsticks, Artemis, , Elon Musk, it’s, Mechazilla, Musk, ” “ We’re, , ” Musk Organizations: CNN, SpaceX, NASA, Super, YouTube Locations: Boca Chica , Texas, of Mexico, terra firma
Insider Today: Robotaxi reality check
  + stars: | 2024-10-13 | by ( Matt Turner | ) www.businessinsider.com   time to read: +5 min
On the agenda today:But first: Elon Musk's robotaxi got lost on the way to Wall Street. This week's dispatchTesla's upcoming Robotaxi TeslaRobotaxi dreams meet Wall Street realityElon Musk unveiled Tesla's robotaxi, along with a robovan and updates to its humanoid robot, at a flashy event in Los Angeles this week. Wall Street wasn't buying it. AdvertisementIt's tough to bet against Elon Musk, as many on Wall Street have discovered. Wall Street is taking note, and Amazon could soon face pressure to return some of its cash with buybacks or dividends.
Persons: , Microsoft's, Elon Musk's robotaxi, Tesla, Elon Musk, Musk, Alyssa Powell, Anand Selva, He's, who've, Selva, Chelsea Jia Feng, that's, Natalie Ammari, Vishal Persaud, SunPower, it's, Ibrahim Rashid Organizations: Business, Service, Warner Bros, Detroit, Elon, Citi Citi Bank, Getty, Citi, Big, Microsoft Locations: Los Angeles, Burbank, America
Tesla stock fell more than 9% on Friday, reducing Elon Musk's net worth. Though his net worth dropped by about $15 billion, Musk remains the world's richest man. The company's stock tumbled in the aftermath — and with it, CEO Elon Musk's net worth. According to the Bloomberg Billionaires Index, updated after the close of trading in New York, Musk's net worth fell by $15 billion. The company's stock value had continued its downward trend through early August then rebounded in September — bringing Musk's net worth to more than that of McDonald's and Pepsi.
Persons: Tesla, , Elon, Forbes, Musk, Tesla's, Morgan Stanley, Adam Jonas, Dan Ives Organizations: Elon, Service, Wall Street, Bloomberg, Pepsi, Business, Wall Locations: Los Angeles, Tesla, New York
SpaceX is gearing up for Starship's fifth flight test on Sunday. The test follows a successful fourth attempt, with both the booster and upper stage landing in the ocean. The spacecraft's fifth flight test is set to take place on Sunday at around 8 a.m. Watch Starship's fifth flight test https://t.co/LVrCnTv797 — SpaceX (@SpaceX) October 12, 2024It follows a successful fourth flight test in June, which saw both the Super Heavy booster and the upper stage of the rocket land in the ocean after launch. The spacecraft underwent several major upgrades ahead of the flight test on Sunday, including a rework of its heat shield.
Persons: , Elon Musk Organizations: SpaceX, Service, Super, International Space Station, NASA Locations: Gulf of Mexico, Florida
SpaceX launched its fifth test flight of its Starship rocket on Sunday and made a dramatic first catch of the rocket's more than 20-story tall booster. The Super Heavy booster lands on the company's launch tower during the fifth Starship flight on Oct. 13, 2024. There are not any people on board the fifth Starship flight. The SpaceX Starship sits on a launch pad at Starbase near Boca Chica, Texas, on October 12, 2024, ahead of the Starship Flight 5 test. Chandan Khanna | AFP | Getty ImagesWith the booster catch, SpaceX has surpassed the fourth test flight's milestones.
Persons: Elon, Dan Huot, Huot, Sergio Flores, we've, Chandan Khanna Organizations: SpaceX, Elon Musk's, Super, Federal Aviation Administration, Afp, Getty, FAA, U.S . Fish, Wildlife Service, Commerce, National Marine Fisheries Service, AFP Locations: Brownsville , Texas, Gulf of Mexico, Boca Chica , Texas, U.S, Texas, Starbase
CNN —Federal regulators granted SpaceX its long-awaited license to move forward with a fifth uncrewed test launch of Starship, the most powerful rocket system ever constructed. The FAA had been expected to hand down a license for this test launch weeks ago. SpaceX has also publicly denied reports that the company violated wastewater regulations with the deluge system, which SpaceX says uses potable water. Notably, the company launched a 2020 test flight of a prototype rocket, called Starship SN8, without obtaining prior approval from the FAA for a public safety waiver. At one point in 2023, for example, he said that he did not blame the FAA for holding up Starship launches.
Persons: , Artemis, Elon Musk, , Mike Whitaker, Whitaker, SpaceX’s, ” Whitaker, Patrick T, Fallon, SpaceX, didn’t, Biden, Donald Trump —, Whitaker “, ” Musk, Jose Luis Magana, Kevin Kiley, they’re Organizations: CNN, SpaceX, US Federal Aviation Administration, NASA, FAA, , Super, Getty, Texas Commission, Environmental, Environmental Protection Agency, Committee, Transportation, Aviation, US, Infrastructure, Republican Locations: Boca Chica , Texas, Texas, AFP, California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the rich keep getting richerElon Musk is on track to become the world's first trillionaire by 2027, according to a report from Informa Connect Academy. The biggest driver of Musk's wealth has been Tesla stock and his ownership of SpaceX. Federal Reserve data shows the share of wealth controlled by the top 1% has grown dramatically, while the wealth of the bottom 50% has stagnated. Some feel that rising tides lift all boats, while others think wealth concentration can be harmful to society.
Organizations: Elon, Informa Connect Academy, SpaceX, Federal
Elon Musk says self-driving Tesla cabs — something he's talked about for a long time — are just around the corner. The next day, Wall Street declared itself thoroughly unimpressed: Investors knocked down Tesla shares by nearly 9%. Related storiesAnd at the same time, Tesla investors no longer seem so forgiving. Since Musk acquired Twitter — after failing at his attempt to back out of a signed deal to acquire Twitter — Tesla shares are down 4.7%. Something like "Tesla investors don't care about Musk's Twitter travails — at all."
Persons: Elon Musk, he's, aren't, , Elon Musk —, Musk, Reed Hastings, Tesla, Bill Gurley —, Uber Organizations: Service, Star, Wall Street, Tesla, Twitter, SpaceX, Netflix
In April this year, she became the only South Korean shooter to qualify in two events for the Paris Olympics – 10-meter air pistol and 25-meter pistol – after finishing second in both events in the Korean national trials. Kim finished with 241.3 points, falling 1.9 points short of Oh, but she remembers it as “a very happy moment. Since Kim took up shooting, South Korea has seen several heroes in the sport, such as Jin Jong-oh, who won four golds and two silvers across five Olympics, and Kim Jang-mi, who won a gold at the 2012 London Olympics. At the Paris Olympics, South Korea won the most shooting medals at the Games in the country’s history with three golds and three silvers. “Just wait, mommy will win the gold,” Kim promised.
Persons: Kim Ye, , Kim, , Charlie Miller, CNN Kim, Kwak Min, Kwak, He’s, Charles McQuillan, Oh Ye, It’s, refocusing, ” Kim, Louis Vuitton, Elon Musk, Alain Jocard, “ I’m, Jin Jong, Kim Jang, mommy Organizations: CNN, CNN Sport, Banners, South, Office, Paris Olympics, Korean, Paris, Games, Givenchy, Getty, South Korea Locations: North Jeolla Province, Seoul, Imsil, South Korean, Baku, Azerbaijan, Paris, South Korea, Asia, AFP, India
Elon Musk is on track to become the world's first trillionaire by 2027, according to a recent report from Informa Connect Academy. Of the world's billionaires, Musk is the closest to that 13-figure mark, and his wealth is growing. At the start of 2020, Musk was worth about $28.5 billion, according to the Bloomberg Billionaires Index. "Over the past quarter century in particular, changes in tax policy have made it much more difficult to tax the rich," Sabelhaus said. Watch the video above to learn more about how the rich keep getting richer and what it means for the U.S. economy.
Persons: Elon Musk, Musk, Jeff Bezos, James Pethokoukis, Pethokoukis, John Sabelhaus, Sabelhaus Organizations: Informa Connect, Bloomberg, American Enterprise Institute, Federal Reserve, Brookings Institution Locations: U.S
Federal Aviation Administration approves SpaceX Starship 5 flight
  + stars: | 2024-10-12 | by ( ) www.cnbc.com   time to read: +2 min
The Federal Aviation Administration approved a license on Saturday for the launch of SpaceX's Starship 5 set for Sunday after earlier saying it did not expect to make a decision until late November. SpaceX is targeting Sunday for the launch and said a 30-minute launch window opens at 7:00 a.m. CT. The FAA said on Saturday SpaceX had "met all safety, environmental and other licensing requirements for the suborbital test flight" for the fifth test of the Starship and has also approved the Starship 6 mission profile. The Starship spacecraft and Super Heavy rocket are a fully reusable system designed to carry crew and cargo to Earth orbit, the Moon and beyond. On Friday, the FAA approved the return to flight of the SpaceX Falcon 9 vehicle after it reviewed and accepted the SpaceX-led investigation findings and corrective actions for the mishap that occurred Sept. 28.
Persons: Elon Musk, Musk, Mike Whitaker Organizations: Federal Aviation Administration, Reuters, FAA, SpaceX, Super Locations: Boca Chica , Texas, Australia
Tesla fan and attendee Matthew Donegan-Ryan rode in the new Cybercab. Tesla fan and investor Matthew Donegan-Ryan attended the glitzy launch on a film lot at the Warner Bros. @_SFTahoe pic.twitter.com/0Xoubi9hY4 — Matthew Donegan-Ryan (@MatthewDR) October 11, 2024The Cybercab, Tesla's first robotaxi, was revealed alongside a 20-person Robovan. pic.twitter.com/iUD0aKThZa — Matthew Donegan-Ryan (@MatthewDR) October 11, 2024Donegan-Ryan was also surprised by how few cameras the Cybercab had. The Cybercab bears a stylistic resemblance to another Tesla vehicle, the Cybertruck, and Donegan-Ryan said that similarity was particularly apparent in person.
Persons: Elon Musk, Tesla, Matthew Donegan, Ryan, , robotaxi, 0Xoubi9hY4 — Matthew Donegan, Tesla's, Uber, Cybercab, Donegan, iUD0aKThZa — Matthew Donegan, Franz von Holzhausen, Lars Moravy —, wouldn't, Musk, they're, Dan Ives Organizations: Service, Warner Bros ., Warner Bros, BI, Tesla Staff Locations: Burbank , California
After a decade of unfulfilled promises about driverless vehicles, Tesla CEO Elon Musk hyped the company’s Cybercab concept on Thursday night, showing off a low, silver two-seater with no steering wheels or pedals. Musk offered no details about exactly where Tesla plans to produce the cars, but said consumers would be able to buy a Tesla Cybercab for below $30,000. He said the Cybercab and Robovan would employ inductive charging, meaning these autonomous vehicles could roll up to a station to recharge, with no plugging in required. Musk has spent years touting Tesla’s work in autonomous cars and promising that they would hit the market. In 2015, Musk told shareholders that Tesla cars would achieve “full autonomy” within three years.
Persons: Elon Musk, Musk, Tesla, “ It’s, ” Musk, , Organizations: Tesla, Warner Bros, FSD Locations: Burbank , California, Texas, California, U.S
Elon Musk Unveils Tesla ‘Robotaxi’
  + stars: | 2024-10-11 | by ( Shawn Paik | ) www.nytimes.com   time to read: 1 min
As you can see, I just arrived in the robotaxi, the cyber cab. It’s really quite a wild experience to just be in a car with no steering wheel, no pedals, no controls, and it feels great. You could fall asleep and wake up at your destination. This can carry up to 20 people. And it can also transport goods.
After Wall Street balked at Tesla 's highly-anticipated robotaxi unveiling, CNBC's Jim Cramer told investors not to make any moves on the stock. While he said he wouldn't recommend buying Tesla after Thursday night's event flopped, Cramer discouraged shorting the stock, saying it's "dangerous to bet against" CEO Elon Musk. While impressed by the look and concept of the robotaxi, Cramer said the event's demonstration lacked substance and failed to prove its technological prowess. By Friday's close, Tesla stock was down 8.78%, and Cramer said the market's reaction speaks for itself. "Look, Tesla has a big problem: the electric vehicle market turned out to be substantially smaller than was thought," Cramer said.
Persons: Tesla, CNBC's Jim Cramer, Cramer, Elon Musk, Tesla's, Musk, Friday's, Lyft, Uber, robotaxis Locations: Switzerland
AdvertisementIf Elon Musk can fully deliver on his plans to make Tesla's Robotaxi the new go-to mode of transport, he could bring an end to the ride-hailing economy as we know it. "Tesla's vehicles, sensors, and software will all need to be approved in any market they hope to enter. "Until Tesla robotaxis are transporting 100,000 paying customers a week around major American cities like Waymo does, Tesla Robotaxi is nothing more than the latest work of fiction to come out of the Warner Bros. "We also believe TSLA could struggle to scale fleet operations without offering access to demand via Uber/Lyft." Uber is already preparing for a future of electric cars and autonomous vehicles without Tesla's involvement.
Persons: BYD, , Elon, aren't, Tesla, Uber, Musk, Jefferies, John Colantuoni, Paul Miller, Forrester, Dan O'Dowd, Waymo, I've, Gene Munster, Brian Baker, Matt Bryson, Dara Khosrowshahi, We're Organizations: Service, Warner Bros, Tesla, Warner Bros ., Asset, Jefferies, Tesla's, BYD, Aurora, AV Locations: Burbank , California
Tesla's "We, Robot" event left analysts with more questions than answers. Wall Street was broadly disappointed by the lack of detail, and skeptical of Elon Musk's timeframes. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk's "We, Robot" event on Thursday night failed to impress several Wall Street analysts. Here's how Tesla analysts and commentators reacted to the event.
Persons: Elon Musk's, , Elon Organizations: Elon Musk's timeframes, EV, Service, Investors
Elon Musk revealed Tesla's new robotaxis hours after Trump said he would "stop" AVs from operating. Trump expressed concerns about autonomous vehicles at the Detroit Economic Club. During his remarks at the Detroit Economic Club, Trump said he found autonomous vehicles "concerning" and promised to "stop" them from operating. "I will stop Chinese — and other countries — produced automobile and autonomous vehicles," he said. Amazon-backed Zoox received authorization from the California and Nevada DMV to operate fully autonomous robotaxis on public roads.
Persons: Elon Musk, Trump, GM's Cruise, , Elon, Donald Trump's, Musk, Zoox, Cruise, Didi Organizations: Detroit Economic, Service, Nevada DMV, Dallas Locations: California, Texas, San Francisco, Phoenix, Los Angeles, Austin, Nevada, Foster, China
Elon Musk surprised viewers with the unveiling of Tesla's Robovan at the 'We Robot' event Thursday. Musk shared on X that the Robovan's design was inspired by Art Deco trains. But the Robovan's exterior aesthetic appears to be inspired by the early 20th century Art Deco design period. In response to a user who asked about what inspired the design, Musk replied, "Art Deco trains." Art Deco trains were a product of the Art Deco era, which took place in the 1920s and 1930s.
Persons: Elon Musk, Tesla's Robovan, Musk, , Tesla, — Tesla, Robovan, 🎯, ike Organizations: Art Deco, Service, Art Locations: lon, usk, ehicles
Shares of electric vehicle maker Tesla sank after the company's long-awaited robotaxi event — where CEO Elon Musk unveiled the firm's Cybercab self-driving concept car — failed to impress investors. Musk revealed Tesla's Cybercab concept vehicle — a low, silver two-seater, has no steering wheels or pedals — on Thursday night. The Tesla boss said the company hopes to be producing the Cybercab before 2027, but offered no details on where the cars will be manufactured. He said consumers would be able to buy a Tesla Cybercab for a price tag under $30,000. FSD, which stands for Full Self-Driving, is Tesla's premium driver assistance system, available today in a "supervised" version for Tesla electric vehicles.
Persons: Tesla, Elon Musk, Musk, CNBC's Lora Kolodny, Michael Bloom Locations: Texas, California
The movement in the patience-to-impatience investor pendulum for Elon Musk (and Tesla) has fully swung to impatience. I believe this initial negative reaction (down nearly 10%) is presenting a discount in Tesla (TSLA) shares and I want to use options to create short-term income while I wait for a short-term bounce. Tesla plans to introduce full self-driving (FSD) capabilities in California and Texas as early as Q1 2025, pending regulatory approvals. The trade Tesla is a stock that has become more intensely emotional as Musk is in the news daily. I want to capture the emotion in today's tape by utilizing a Risk Reversal options strategy which takes the premium I am collecting from the put option I am selling to finance and buy the call option.
Persons: Tesla's, Elon Musk, Tesla Organizations: Optimus, The, CNBC, NBC UNIVERSAL Locations: California, Texas
Wall Street has been fairly hot-and-cold on Tesla stock this year — and its highly anticipated robotaxi unveiling on Thursday isn't helping to improve investor sentiment. As such, we anticipate TSLA to be under pressure following the event," Jonas, the firm's head of global auto and shared mobility research, said in a Friday note to clients entitled "That's it? TSLA YTD mountain Tesla stock this year. Simply put, the event failed to offer a significant bright spot for Tesla's stock, according to Jonas. The analyst has an eye on Tesla's expectation to start fully autonomous, unsupervised FSD in Texas and California for its Model 3 and Model Y electric vehicles.
Persons: Morgan Stanley's Adam Jonas, Jonas, Tesla, Elon Musk's, Musk, TLSA, Tesla's, FactSet Organizations: Investors, Morgan Locations: Los Angeles, FSD, Texas, California
A separate robotics startup, Starship Technologies, filed a US trademark application for "Robovan" in 2017. On its website, WeRide said it had received "over 10,000 indication orders from a leading express delivery company" for the car. AdvertisementIn July 2017, a company called Starship Technologies filed a trademark for "Robovan," per the United States Patent and Trademark Office. Starship, which specializes in autonomous delivery robots, was founded by Skype cofounders Ahti Heinla and Janus Friis. Unlike Tesla and WeRide, Starship Technologies' offering isn't a self-driving vehicle.
Persons: WeRide, , Elon Musk's, Tony Han, Han, Janus Friis, Musk, Tesla's, 4DDqJtGATU — Elon, Tesla Organizations: Starship Technologies, Service, CNBC, JMC, Ford Motors, Jiangling Motors Corp, Ford, United States Patent, Office, Skype, Mercedes, Benz, Tesla, Technologies, YouTube, Business Insider Locations: Guangzhou, China
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWSJ's Tim Higgins on Tesla's Cybercab robotaxi reveal: These kinds of events for the faithfulTim Higgins, Wall Street Journal business columnist, joins 'Squawk Box' to discuss Tesla's Cybercab event, Elon Musk's timeline for full self-driving vehicles, and more.
Persons: Tim Higgins, Tesla's, Elon Organizations: Wall Street Journal
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