Tesla's Cybertruck Outlook Causes $65 Billion Value Wipeout and Headaches for Elon Musk

Tesla's stock price dropped 8% following weaker-than-expected third-quarter earnings and revenue numbers. CEO Elon Musk's warnings about higher interest rates and delayed production of the Cybertruck sparked a sell-off, resulting in a potential $65 billion market capitalization wipeout. Musk stated that reaching volume production and positive cash flow for the Cybertruck would require immense work, dampening investor expectations. Despite recent losses, Tesla's stock has surged 97% year-to-date, contributing to a market capitalization increase of nearly $400 billion.