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Elon Musk comments on Tesla’s massive Monday stock slide

Tesla’s valuation saw the largest single-day drop since 2020 on Monday, though Musk isn’t concerned.

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Credit: Tesla

Elon Musk has commented on Tesla’s massive price drop on Monday, emphasizing that he doesn’t think it’s as big of a concern as it’s being made out to be.

After Tesla’s share price fell 15.4 percent on Monday to close at $222.15, representing the largest single-day drop since 2020, Musk responded to a post on X highlighting some of the company’s other big single-day drops. In the response, Musk said that “It will be fine long-term,” echoing others in highlighting that Tesla has had other large single-day drops before.

As a result of the drop, Tesla’s stock price is currently down about 50 percent from its all-time high in December 2024. The previous largest stock drop in a single day occurred in September 2020, when the stock price fell 21.1 percent to $110.

READ MORE ON TSLA: Tesla Q4 and FY 2024 earnings results: What you need to know

Although Tesla has been facing mass protests and vandalism at its stores and against its vehicles in recent weeks, some analysts have also defended the company’s potential for upside, especially as robotaxis and Unsupervised Full Self-Driving (FSD) are expected to go out later this year.

On Tuesday, billionaire investor Ron Baron defended Tesla’s stock in an interview with CNBC, noting that he would keep holding onto his personal shares, even though his firm Baron Capital trimmed some Tesla stock last month due to its position becoming too large. Baron went on to say that Tesla will be the last position he would trim in his portfolio.

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“I’m the last in, I’ll be the last out,” Baron said. “So I won’t sell a single share personally until I sell all the shares for clients, and that’s what I’ve done.”

Similarly, Morgan Stanley analyst Adam Jonas said that he expects Tesla’s share price to rebound as much as 93 percent within the next year, with the firm setting a $430 price target for the stock. Ark Invest, the firm run by Tesla bull Cathie Wood, also loaded up on additional Tesla stock amidst the price drop, adding more than $20 million worth of shares on Monday.

Alternatively, some have highlighted Musk’s recent political endeavors as extremely bearish, emphasizing beliefs that the stock’s bubble is now bursting. Last week for example, Swedish billionaire and hedge fund manager Christer Gardell said that he thought Tesla’s valuation could drop by as much as 95 percent, calling Musk’s recent efforts a “circus” and saying the company’s valuation was “incomprehensible.”

Donald Trump pledges Tesla purchase amid anti-Musk protests

Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

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Elon Musk

The Boring Company’s latest Tesla tunnel truck mod “fits like a glove”

The Boring Company has modified a Tesla powered tunnel truck to carry freight containers underground.

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The Boring Company has found a second job for the Tesla hardware it already runs underground. In a post on X, Elon Musk’s tunneling company showed its latest Prufrock Liner Truck modified to carry a standard 20 foot shipping container. “Using TBC tunnels to transport freight,” the company wrote. “The latest Prufrock Liner Truck (using Tesla Model 3 batteries and drive units) has been modified to carry a standard 20′ shipping container. Fits like a glove!”

The photo shows a red container sitting on a long, low white chassis parked outside, with drive hardware visible at one end. The Boring Company did not say where or when freight hauling would start, which customers it has in mind, or how many trucks it is converting.

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Until now, the liner trucks have hauled concrete. Teslarati reported in August on Liner Truck 3, which uses Model 3 battery packs and drive units to move more than 22,000 pounds of precast tunnel segments to the boring machine. It has 28 miles of range, tops out at 12 mph, and is piloted remotely from the company’s operations center in Texas. The freight version appears to be the same platform with a different bed, and The Boring Company has not said whether it will also be remotely piloted.

Freight has been on the company’s menu for years. When TBC updated its product lineup in 2021, its freight tunnel was described as sized to fit a standard shipping container, “barely.” The company later used the idea at Tesla’s own factory, where Prufrock 3 dug a tunnel to Giga Texas that now moves finished Cybertrucks away from the production line.

The Boring Company closed a $3 billion Series D in September at a $23 billion valuation, and Teslarati has covered how that money is tied to a UAE tunneling push and a faster Nashville build. In Nashville, Prufrock MB1 and MB2 are mining at the same time, and a third machine is expected to launch in late October. Each machine needs a steady supply of liner trucks, so any design that works for segments and containers alike gives the company more use out of the same Tesla parts.

The Vegas Loop remains the only Boring Company system open to the public, and it moves passengers in Tesla vehicles. A freight service would be a separate product, and the post gave no indication that one is close to launch. For now, it is a truck, a container and a short caption saying they fit together.

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Elon Musk will give ‘every kid in America’ a SpaceX share in 2027

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Credit: Grok Imagine

Elon Musk said he is planning to give “every one of his SpaceX shares to every kid in America” in 2027, stating that “this will be the first of many.”

SpaceX went public earlier this year, and its stock price has been relatively stable since leveling off shortly after its IPO. Based on its current price, it’s a gift of just over $10 billion to children across the United States.

It appears to be closely related to President Donald Trump’s bank accounts for children, which were set up earlier this year as Trump Accounts.

Just hours earlier, Anthropic had announced the establishment of its Anthropic Public Benefit Fund, “a new wholly-owned entity dedicated entirely to public benefit.” Musk responded by stating he recommended “giving the shares directly to the public,” and that he would be doing it that way.

Just a little bit later, Musk said children across the U.S. would be getting a share from him:

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There are roughly 70 million children, meaning someone under the age of 18, in the United States, according to the Federal Interagency Forum on Child and Family Statistics. Musk’s ownership of SpaceX stock shows he has around 849 million Class A shares of SpaceX stock, according to filings with the SEC.

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Elon Musk reveals why Boring Co’s biggest East Coast project never happened

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(Credit: The Boring Company)

Elon Musk revealed in a post on X that “Permits were impossible to get,” explaining the fate of The Boring Company’s most ambitious East Coast proposal.

The comment responded to a query about what became of his July 20, 2017 announcement that he had “just received verbal govt approval” for an underground Hyperloop connecting New York City, Philadelphia, Baltimore, and Washington, D.C., capable of carrying passengers from the Big Apple to the Nation’s Capital in just 29 minutes.

The Boring Company receives verbal ‘approval’ to build NY to DC Hyperloop tunnel

The 2017 post, which envisioned city-center stations and multiple elevators in each city, sparked immediate scrutiny. Local and state officials in New York, Philadelphia, Baltimore, and D.C. said they had no knowledge of any approval. A White House spokesperson confirmed only “promising conversations” about the transformative infrastructure.

Musk clarified shortly after that there was “still a lot of work” to do for formal approvals.

Limited progress followed, as Maryland Governor Larry Hogan’s administration issued a conditional utility permit and supported work near Fort Meade. In 2018, Washington, D.C., granted a preliminary permit for site preparation and excavation on a vacant lot at 53 New York Ave. NE in the NoMa neighborhood, which The Boring Company said could become a station.

A draft environmental assessment for a D.C.-Baltimore segment was released in 2019. Yet, by April 2021, the company had removed the project from its website, and the Federal Highway Administration reported receiving no indication of further interest. Communication with Maryland officials had ceased.

The full corridor would have required coordination among the District of Columbia, Maryland, Pennsylvania, New York, the Federal Highway Administration, the Army Corps of Engineers, the National Park Service, and other agencies.

Environmental reviews under the National Environmental Policy Act, utility clearances, and approvals for novel infrastructure added to the overall complexity of the project and its approval.

Speculation on the permitting barriers centers around a few factors, but a multi-state, multi-level route involving unproven high-speed vacuum-tube technology inherently triggers exhaustive safety, environmental, and engineering reviews that can stretch for years, even for conventional projects.

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There are also other elements, of course, like officials who may face political exposure if a privately funded, untested system encountered anything such as cost overruns, delays, or safety issues. On the outset of this project, there were limited things such as engineering plans or demonstrated technology maturity, which also added to the potential skepticism.

The East Coast vision for Boring Co., once framed as a privately funded revolution that could reshape Northeast travel, quietly ended without construction of the promised network. Musk’s recent statement frames the outcome as a regulatory impasse, unfortunate but not unexpected.

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