TSLA · Nasdaq
Who owns Tesla?
2 of the world’s richest people hold Tesla in our tracked profiles.
TSLA ▲ 3.55%as of Nov 11, 2026 12:24 PM ET · via Finnhub
About
Tesla designs, builds, sells and leases electric cars and solar and battery storage products, generally selling direct. It offers FSD (Supervised) driver software and a Robotaxi service, and is developing Optimus robots.
Motor Vehicles & Passenger Car Bodies · Austin, Texas
Source: Tesla, Inc. annual report (10-K) (filed 2026-01-29) ↗. Summary in our own words.
Billionaire holders
Elon MuskAerospaceCEO, largest shareholder
19.9% (699,580,882 shares beneficially owned, per Schedule 13G/A) · as of Jun 2026More
- Entry
- Tesla, Inc.
- Ticker
- TSLA
- Exchange
- Nasdaq
- Role
- CEO, largest shareholder; 2018 option award exercised June 16, 2026 after Delaware Supreme Court reinstatement
- Stake
- 19.9% (699,580,882 shares beneficially owned, per Schedule 13G/A)
- Stake as of
- 2026-06-16
Larry EllisonAI & techStake~1.4% (2023 report) · as of Jun 2023
source ↗
Each row is a sourced entry from that person’s profile. Stakes are as of the date shown, not today.
Recent SEC filings
No Form 4 insider trades in Tesla from the holders above in the last 90 days.
Form 4 insider trades post within 2 business days. New to filings? Read Filings 101.
Recent moves
Elon MuskProduct launchAutosTSLAAI read · ▲ Another city, same questions Tesla launches Robotaxi service in San Antonio
The move
Tesla opened driverless Robotaxi rides in San Antonio at 5 a.m. local time on Nov. 9, its ninth Robotaxi region and eighth city offering fully unsupervised rides, using Model Y vehicles. The service area covers about 274 square miles, Tesla's largest geofence at launch, including downtown San Antonio and nearly all of the area inside Loop 410. San Antonio was one of four cities, along with Las Vegas, Phoenix and Jacksonville, that Tesla named as upcoming markets on its third-quarter earnings call; Fort Worth opened a week earlier, on Nov. 2.
Why it matters
Each new unsupervised city adds driverless miles that Tesla needs to back up the robotaxi growth story investors have leaned on to justify its valuation.
The bear case
Tesla has not disclosed San Antonio's starting fleet size or fares, and a separate analysis found Tesla's real pickup and drop-off zones in Texas run 22% to 41% smaller than the geofences it advertises.
What to watch
Whether Tesla discloses San Antonio fleet size or expands service hours, as it has done in Austin.
Elon MuskPolicyAerospaceTSLA · SPCXAI read · ▼ Bearish Musk braces for new scrutiny as Democrats take Congress
The move
Democrats won majorities in the House and Senate in the Nov. 3 midterms. Lawmakers have signaled they want to examine Elon Musk's four months running the DOGE government-efficiency office, during which his companies won at least $6.3 billion in federal contracts, plus at least $10 billion more since, and to look at his ties to Russia. Sen. Chris Coons posted that Musk's links to Vladimir Putin are "one more thing to add to the list of questions" if Coons subpoenas him. SpaceX shares fell nearly 4% and Tesla fell 3% on Nov. 5, even as the broader market rose that day.
Why it matters
SpaceX and Tesla depend heavily on federal contracts and goodwill in Washington, so a Democratic-controlled Congress willing to use subpoena power adds a kind of political risk neither company has faced at this scale.
The bear case
Musk has said he will push back against lawmakers who investigate him, and as of early November no committee had opened a formal investigation or issued a subpoena, so the scrutiny remains a threat rather than a concrete action.
What to watch
Whether a House or Senate committee opens a formal investigation into DOGE or Musk's federal contracts.
Elon MuskProduct launchAutosTSLAAI read · ▲ Watching Tesla opens driverless Robotaxi rides in Fort Worth
The move
Tesla opened driverless, app-booked Robotaxi rides in Fort Worth starting Nov. 2 at 6 a.m., after announcing the launch the night before. The service area is a downtown-centered zone reaching toward Saginaw, White Settlement, Benbrook, Haltom City and Forest Hill. Tesla has not disclosed fares or how many vehicles will serve the city; across Texas it has reported a combined Robotaxi fleet of 1,204 vehicles, 631 Model Ys and 573 Cybercabs, not broken down by city.
Why it matters
Each new city adds to the driverless-mile record Tesla needs to support its robotaxi ambitions, which investors have leaned on heavily to justify the stock's valuation.
The bear case
Tesla still has not disclosed fleet size, fares or safety-monitor policy for Fort Worth, and independent trackers have found only a handful of vehicles actually running in established cities like Austin.
What to watch
Whether Tesla discloses Fort Worth fleet size, fares, or a connection to its Dallas service.
Elon MuskPolicyAerospaceTSLA · PrivateAI read · ▼ Election jitters Tesla and SpaceX shares fall as Democrats sweep Congress
The move
Tesla fell 4.9% and SpaceX fell 4.8% in premarket trading Wednesday after Democrats won control of the Senate and were on track to take the House in the U.S. midterm elections, CNBC reported. Investors focused on the Texas governor's race, where Democrat Gina Hinojosa held a lead over Republican Gov. Greg Abbott; Hinojosa has called for a moratorium on new data centers, a risk for Musk since Texas holds a large share of U.S. data-center capacity and he moved Tesla's and SpaceX's headquarters to the state. Freedom Capital Markets' Jay Woods said "this is Elon Musk-land now," pointing to Tesla, SpaceX and other relocated Texas companies as ones to watch. Horizon Investments' Scott Ladner said the AI trade's next few days hinge on whether Abbott wins.
Why it matters
The selloff shows how closely investors now tie Musk's companies, and the broader AI trade, to the outcome of a single state election and the chance of stricter rules on the data centers that power AI.
The bear case
The declines were premarket moves before Texas was fully called, so the reaction could reverse once the race is decided.
What to watch
The final call in the Texas governor's race between Abbott and Hinojosa.
Elon MuskIPO / MarketsAutosTSLAAI read · — Partial recovery Tesla's Q3 revenue holds flat as margins keep shrinking
The move
Tesla reported Q3 2026 revenue of $28.05 billion, flat year over year and in line with the $28.06 billion consensus. Non-GAAP EPS was $0.48, beating the $0.45 estimate but down 4% from $0.50 a year earlier. GAAP net income was $787 million, down 43%. Deliveries were 486,532, down 2.1% year over year but ahead of the 461,974 consensus; energy storage deployed was 13.7 GWh, below the roughly 15.9 GWh expected. Operating margin was 2.6%, versus 5.8% a year ago and 1.4% in Q2.
Why it matters
Deliveries and EPS beat estimates, showing demand is holding up even as profitability stays under pressure.
The bear case
Operating margin is still less than half what it was a year ago, and GAAP net income fell sharply.
What to watch
Tesla's Q4 2026 results, due early next year.
Elon MuskLeadershipAutosTSLAAI read · — No merger, for now Tesla sets Dec. 3 vote on Musk's $158 billion pay
The move
Tesla filed its proxy for a Dec. 3 annual meeting with three items: re-electing Elon Musk, board chair Robyn Denholm and director JB Straubel for three-year terms; a non-binding advisory vote on Musk's reported 2025 compensation of $158.36 billion; and ratifying PricewaterhouseCoopers as auditor. The proxy does not include a proposed merger between Tesla and SpaceX. Shareholders of record as of Oct. 13 can vote through Dec. 2.
Why it matters
It shows the Tesla-SpaceX merger idea Musk has floated isn't formally on the table for this meeting.
The bear case
The advisory pay vote is non-binding, and the board already pushed through Musk's roughly $1 trillion package in 2025.
What to watch
The Dec. 3 shareholder meeting results.
Elon MuskIPO / MarketsAutosTSLAAI read · ▲ Steadying Tesla beats on profit and deliveries, but revenue is flat
The move
Tesla reported third-quarter 2026 revenue of $28.05 billion, flat from a year earlier, with non-GAAP earnings per share of $0.48 beating the $0.45 consensus though down 4% from a year ago; the company delivered 486,532 vehicles, above the 461,974 analysts expected but down 2.1% year over year.
Why it matters
The quarter shows Tesla stabilizing profit margins even as vehicle deliveries keep shrinking from a year ago, a trend Elon Musk has leaned on robotaxi and energy-storage growth to offset.
The bear case
Energy storage deployments of 13.7 GWh missed the roughly 15.9 GWh analysts expected, showing growth has slowed in the business Tesla has pointed to as its next driver.
What to watch
Tesla's full fourth-quarter delivery and production numbers, typically reported in early January.
Elon MuskIPO / MarketsAerospaceTSLA · SPCXAI read · ▼ Big bet Tesla profit falls as Musk weighs SpaceX merger
The move
Tesla's Q3 net income fell 44% to $787 million as revenue stayed flat at $28.05 billion and spending on Optimus and AI rose; free cash flow turned positive at $1.53 billion. A day earlier, SpaceX reported revenue up 161% to $14.6 billion and net income of $4.4 billion, and Musk said on SpaceX's earnings call that both companies have formed special board committees to explore merging them, which would need a majority vote of all Tesla shares.
Why it matters
A combined company could let Musk's businesses share AI, chip and robotics work, and investors have started pricing in that possibility.
The bear case
Musk said the committees haven't agreed on terms and a deal isn't guaranteed; Tesla's own numbers show a core auto business that is shrinking.
What to watch
Tesla must hold its annual meeting by Dec 6, 2026, a possible venue for a shareholder vote on a merger.
Elon MuskLeadershipAerospaceSPCX · TSLAAI read · ▲ Big if real, years from done Tesla, SpaceX form committees to study a merger
The move
On SpaceX's Oct. 20 Q3 earnings call, its first since going public, Musk said Tesla's and SpaceX's boards have each formed a special committee of independent directors, at shareholders' request, to study a possible combination of the two companies. Musk said he is a conflicted party and cannot take part in the committees' discussions. He said no deal terms exist yet and flagged that a Tesla shareholder vote would need support from 50% of all outstanding shares, not just those cast, calling that a high bar. SpaceX reported Q3 revenue of $14.6 billion, up 161% year over year and above the $12.72 billion analysts expected; shares rose about 10% in premarket trading the next day.
Why it matters
A combined company would be one of the largest corporate mergers ever, and investors have speculated about it for months given growing operational overlap between the two firms.
The bear case
The special committees could study the idea for a long time without reaching an agreement, and Musk said the shareholder-approval bar on the Tesla side is unusually high.
What to watch
Whether Tesla's board raises a merger proposal at its annual meeting.
Elon MuskProduct launchAutosTSLAAI read · — Flashy, not profitable yet Tesla's new Roadster flies on SpaceX thrusters
The move
Tesla showed its second-generation Roadster on Oct. 15 at a SpaceX test site in McGregor, Texas. In a livestreamed demo, cold-gas thrusters built with SpaceX engineers launched the car off a ramp, flipped it in the air and landed it on its wheels; a second run had it jump over a row of vehicles. Musk said production will begin in 2028, eight years after the car's original 2020 target. Tesla gave no price, taking $50,000 deposits for a Performance version and $250,000 for a Thrust version.
Why it matters
The SpaceX-built thrusters and the timing fed analyst speculation that Musk could be building toward merging Tesla and SpaceX.
The bear case
The car won't ship for two more years, and one analyst estimated volumes of only about 2,000 a year, tiny next to Tesla's regular sales.
What to watch
Whether Tesla's board raises a Tesla-SpaceX merger at its annual meeting, expected by Dec. 6.
Elon MuskAcquisitionAutosTSLA · SPCXAI read · ▼ Analyst conjecture Barclays sees possible Tesla-SpaceX merger by year-end
The move
Barclays analyst Dan Levy wrote in an October 14 note that Tesla and SpaceX could announce a combination before Tesla's annual meeting, which must be held by December 6. He estimated Tesla holders might get about 0.7 SpaceX shares per Tesla share, calling that his own estimate rather than a proposal. Neither company has announced, confirmed or filed anything about a deal. Tesla closed down 2.15% to $367.16 and SpaceX fell 2.80% to $152.16 the day the note came out.
Why it matters
A tie-up would combine Musk's two largest companies under one roof, raising governance questions for Tesla's public shareholders and testing how much of Tesla's valuation already prices in SpaceX-style ambitions.
The bear case
This is one bank's conjecture based on public comments, not a reported process: no bankers, board committee or active talks have been disclosed, and prediction markets gave only a 24% chance of an announcement by year-end.
What to watch
Tesla's 2026 annual meeting, which must be held by December 6.
Elon MuskProduct launchAutosTSLAAI read · — Spectacle, not a sales driver Tesla unveils thruster-powered Roadster demo
The move
At a SpaceX test site in Texas on October 16, Tesla showed an unmanned Roadster launch off a ramp, clear five parked cars using cold-gas thrusters, and land softly, then perform a mid-air barrel roll on a second run. Tesla says the car will do 0-60 mph in 0.81 seconds, targets a 383 mph top speed, and has 300 miles of range. Production is not planned before 2028.
Why it matters
Musk is generating buzz for Tesla ahead of its October 21 earnings report, more than eight years after first unveiling the car in 2017.
The bear case
Musk said the car isn't "necessarily safety-optimized," may not be street-legal everywhere, and the promised range has already been cut by more than half from his original claim.
What to watch
Tesla's third-quarter earnings call on October 21.
Elon MuskProduct launchAutosTSLAAI read · — Spectacle Tesla unveils 'flying' Roadster at SpaceX site
The move
Tesla unveiled its long-delayed next-generation Roadster on Oct 15, 2026, in a livestreamed event at SpaceX's test site in McGregor, Texas, with Musk, design chief Franz von Holzhausen and engineering lead Lars Moravy presenting. Tesla said the car can go from 0 to 60 mph in under one second, and the demo showed the car hovering and maneuvering off the ground using a SpaceX-derived thruster package. Musk said beforehand that the result was not "safety optimized" and that success wasn't guaranteed. No price was announced; prior reservations were $50,000 against an earlier $200,000-$250,000 target price, and production isn't expected before 2028.
Why it matters
The Roadster has slipped for nearly a decade since its 2017 reveal, and a working, if limited, flying demonstration is meant to revive interest in Tesla's halo car.
The bear case
The flying feature isn't approved for public roads and faces FAA restrictions, and Musk has a long history of missed Roadster delivery promises.
What to watch
Whether Tesla sets a firmer production date or price at a future event.
Elon MuskPolicyAutosTSLAAI read · — Regulatory nudge Tesla drops 'Full Self-Driving' name across Europe
The move
Tesla has renamed its driver-assistance system "Tesla Assisted Driving" on European websites, including Germany, Spain and the Netherlands. The change follows an October 6 statement from Germany's transport ministry calling the old "Full Self-Driving" name misleading because the system doesn't take over the full driving task. Tesla offered the new name during talks with Germany in September. The US site still uses "Full Self-Driving (Supervised)."
Why it matters
In exchange, Germany says it will back a 10% speed-over-limit cap in the EU approval process, which could help Tesla get the system approved more widely across the bloc.
The bear case
Critics say the rename is cosmetic and doesn't change what the system actually does or how safe it is.
What to watch
The EU-wide approval vote, which has slipped to December at the earliest.
Elon MuskRecognitionAI & techTSLA · GOOGL · NVDA · DELLAI read · — Star treatment Trump gives Musk, Brin, Huang science medals at White House
The move
President Trump awarded the National Medal of Science to Elon Musk, Sergey Brin, Jensen Huang and AMD's Lisa Su at a Washington ceremony on Thursday, October 8. Michael Dell and Microsoft's Satya Nadella received the National Medal of Technology and Innovation instead. Trump called Musk "our modern-day Thomas Edison" and said, "Because of these people here, we will always be on top. No one else can compete with us." Hours before the ceremony, the administration suspended Microsoft and several other companies from the green-card sponsorship program.
Why it matters
The honors double as a message that the administration wants to keep its biggest AI and chip players close, even as it tightens the visa pipeline many of the same companies rely on for talent.
The bear case
A medal ceremony changes nothing about earnings, chip supply or visa policy; it's a photo opportunity timed to distract from the visa suspension announced the same morning.
What to watch
Whether the Permanent Labor Certification suspension affecting Microsoft and Adobe expands to other sponsors.
Elon MuskMarketsAutosTSLAAI read · ▲ Export-led beat Tesla's Shanghai factory posts its best month of 2026
The move
Tesla's Shanghai factory wholesaled 95,366 Model 3 and Model Y vehicles in September, per CPCA data reported around October 8-9 — up 5% from 90,812 a year earlier and 10.7% from August, its best month of 2026. Exports rose 58.3% year over year to 30,529 vehicles while domestic deliveries fell 9.4% to roughly 64,800. Shanghai wholesaled 743,060 vehicles over the first nine months of 2026, up about 22.5% from the same period in 2025.
Why it matters
Exports, not Chinese demand, drove the gain; Tesla has extended Model 3 and Model Y discounts in China through October 31 to keep domestic buyers coming.
The bear case
Wholesale figures count cars leaving the factory, not retail deliveries, and domestic China demand is still falling even as exports mask it.
What to watch
Whether October discounts revive domestic Chinese demand, and Tesla's Q3 earnings report.
Elon MuskPolicyAutosTSLAAI read · — Name over substance Tesla renames 'Full Self-Driving' to 'Assisted Driving' in Europe
The move
Tesla began calling its "Full Self-Driving" feature "Tesla Assisted Driving" on its European websites, Reuters reported October 9. Pages in Slovakia, Germany, Spain and the Netherlands now redirect to the new name, after Germany's transport ministry said the old name was misleading since the system requires constant driver supervision. The US site still uses "Full Self-Driving (Supervised)." Sweden and Italy have also raised concerns about the name. An EU-wide approval vote has been pushed from October to at least December.
Why it matters
Musk has called the software central to Tesla's future growth; clearing regulatory objections to the name is a step toward EU-wide approval, which the rebrand alone doesn't guarantee.
The bear case
Changing a label doesn't change the underlying software or resolve the technical sticking points Germany and France are still testing for.
What to watch
The EU-wide vote on the driver-assist software, now expected no earlier than December.
Elon MuskIPO / MarketsAerospaceSPCX · TSLAAI read · ▲ Bullish Musk back above $1 trillion as SpaceX stock jumps
The move
SpaceX shares climbed to their highest level since June, and stronger Tesla delivery numbers added to the move, pushing Musk's combined net worth back above $1 trillion.
Why it matters
Musk's fortune is now overwhelmingly tied to two stocks, so a one-day rally in SpaceX can swing his net worth by tens of billions of dollars.
The bear case
SpaceX shares are still well below their mid-June intraday record, and Musk briefly lost trillionaire status once already this year when the stock pulled back.
What to watch
SpaceX's next quarterly earnings and Starship test flight, both expected later in October.
Elon MuskIPO / MarketsAutosTSLAAI read · ▲ Bullish Tesla deliveries beat estimates despite tax-credit hangover
The move
Tesla delivered 486,532 vehicles in the third quarter, beating its own analyst-compiled consensus of about 461,974, even though the total came in about 2% below the year-ago quarter that had been boosted by buyers rushing ahead of the expiring federal EV tax credit.
Why it matters
The beat eases pressure on Tesla heading into its October 21 earnings call, where Musk is expected to lay out the company's AI and robotics plans.
The bear case
Energy storage deployments missed expectations, and deliveries still fell year-over-year, so the "beat" is relative to lowered expectations rather than outright growth.
What to watch
Tesla's full third-quarter financial results, due after market close on October 21.
Elon MuskIPO / MarketsAerospaceTSLA · PrivateAI read · ▲ Bullish Musk becomes a trillionaire again as SpaceX surges
The move
Elon Musk's net worth hit about $1 trillion on Oct. 5, up $30.6 billion from the prior session, as SpaceX shares rose more than 5% to around $167 and Tesla shares also gained after a strong delivery quarter. Morgan Stanley's Adam Jonas kept an overweight rating on SpaceX with a $300 price target. Musk also confirmed early talks with TSMC about a dedicated chip plant, Terafab, to supply Tesla, SpaceX and xAI. Musk briefly passed $1 trillion in June before giving it back as both stocks slid.
Why it matters
It's Musk's second trip over $1 trillion this year, and this time the move is tied to a strong Tesla delivery quarter, a clean Starship orbital launch and bullish analyst calls rather than hype alone.
The bear case
Both stocks are concentrated bets on Musk's own projects; if Starship or Tesla deliveries disappoint next quarter, the trillion-dollar mark could evaporate again as it did in June.
What to watch
Whether the SpaceX-TSMC Terafab talks turn into a signed deal.
Zuckerberg, Musk, Huang sign voluntary AI safety accord
The move
Six AI and chip company leaders — Meta's Mark Zuckerberg, Google's Sundar Pichai, Nvidia's Jensen Huang, OpenAI's Greg Brockman, Anthropic's Dario Amodei and Tesla/SpaceX/xAI's Elon Musk — signed a one-page White House 'Accord on Super Intelligence' on Sept. 29. It commits signers to four layers of safety controls for frontier AI models: internal technical monitoring, an internal oversight team, an independent external auditor and an independent board committee. The accord is not legally binding and sets no penalties for falling short; it grew out of talks between Zuckerberg and House Speaker Mike Johnson, with Huang helping draft the principles beforehand.
Why it matters
It's a rare moment of several rival AI leaders agreeing to the same safety framework, even informally, while governments are still deciding how much to regulate AI.
The bear case
With no enforcement mechanism, public disclosure requirement or penalty for noncompliance, the accord is a voluntary statement of intent rather than a binding commitment.
What to watch
Whether any signer publishes audit results, or whether Congress tries to turn the accord into binding law.
Tesla delivers 486,532 vehicles, tops Wall Street estimates
The move
Tesla delivered 486,532 vehicles in the third quarter of 2026, down 2.1% from last year's 497,099 but about 24,500 more than Wall Street's estimate of 461,974. Model 3 and Model Y accounted for 478,237 of the deliveries, and Tesla produced 464,391 vehicles in the quarter. Shares rose about 5% after the report.
Why it matters
The beat shows Tesla is still finding buyers even after the $7,500 federal EV tax credit expired in September.
The bear case
Deliveries are still down year over year, and energy storage deployments missed estimates at 13.7 GWh versus a forecast of 15.9 GWh.
What to watch
Tesla's Q3 earnings call on October 21.
Elon MuskPolicyAerospaceTSLAAI read · ▼ Under oath Tesla's Cybercab certification deadline arrives under oath
The move
Tesla's deadline to answer a Sept. 10 NHTSA Special Order on its driverless Cybercab was Sept. 30. The order, part of Audit Query AQ26002 that NHTSA opened Sept. 3 after Tesla began commercial Cybercab service in Austin, demands 21 sworn answers, signed by a Tesla officer, on how the two-seat robotaxi, built with no steering wheel, pedals or mirrors, was certified as meeting federal motor vehicle safety standards written for human-driven cars. NHTSA says incomplete or false answers carry civil penalties of up to $139 million.
Why it matters
NHTSA escalated from informal questions to a legally binding order with sworn testimony, meaning a Tesla executive now carries personal liability for the completeness and accuracy of the answers.
The bear case
Tesla has shrugged off past regulatory probes before; unless NHTSA finds a clear violation in the sworn answers, this could end as one more audit that doesn't slow Cybercab's rollout.
What to watch
Whether NHTSA finds Tesla's Sept. 30 responses complete, or opens an enforcement case that could cap or ground the Cybercab fleet.
Elon MuskInvestmentAerospaceTSLAAI read · ▲ War chest Tesla lines up $30 billion in credit for Cybercab, Semi, Optimus
The move
Tesla disclosed in a Sept. 29 SEC filing that it secured $30 billion in new credit facilities: a $20 billion line from Citibank and a $10 billion facility from Wells Fargo (an $8 billion revolver plus a $2 billion term loan). Tesla said the money is meant to help scale Cybercab production at Gigafactory Texas, the Semi truck line at its dedicated Nevada plant, and the Optimus humanoid robot, and that it does not plan to draw on the facilities in 2026.
Why it matters
Tesla is forecasting capital spending above $25 billion this year, up from about $8.5 billion last year, and wants financing lined up before it needs to spend rather than after.
The bear case
Lining up credit it says it won't use this year could also mean Tesla isn't yet confident its own cash flow covers the simultaneous ramp-up of three unproven product lines.
What to watch
Whether Tesla draws on either credit line in 2027, and Cybercab, Semi and Optimus production numbers in Tesla's next shareholder update.
Elon MuskProduct launchAutosTSLAAI read · ▲ Bullish · story over deliveries Investors keep betting on Tesla's robotaxi story, not car sales
The move
Tesla shares rallied roughly 6.75% over the past week. Robotaxi service now runs in seven U.S. metros, and active FSD subscriptions have reached 1.48 million, up 56% year over year. Tesla expects 2026 capital spending above $25 billion, rising further as it builds out Robotaxi, Optimus, chips and AI compute.
Why it matters
Even after Goldman Sachs cut its delivery estimates for the rest of the year, investors are pricing Tesla on autonomy and robots, not on how many cars it sells.
The bear case
Federal regulators are still investigating whether Tesla's steering-wheel-free Cybercabs comply with safety rules, and the robotaxi fleet remains small and geofenced to a handful of cities.
What to watch
The Tesla Roadster unveiling on Oct. 10.
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