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The Guardian - UK
The Guardian - UK
Business
Dan Milmo and agency

Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’

people take pics of the Tesla robotaxi, which has both doors wide open
Tesla's robotaxi displayed at an unveiling event in Los Angeles, California. Photograph: Tesla/Reuters

Tesla shares fell nearly 9% on Friday, wiping about $60bn (£45bn) from the company’s value, after the long-awaited unveiling of its so-called robotaxi failed to excite investors.

Shares in the electric carmaker tumbled to $217 at market close following an event in Hollywood, where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle. The stock price is down roughly 12% year-to-date.

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