Elon Musk Is Polling X And Asking If Tesla Should Invest $5B In Grok Parent xAI: 'This Is Just To Test The Waters'
Portfolio Pulse from Ananya Gairola
Elon Musk initiated a poll on X, formerly Twitter, asking if Tesla should invest $5 billion in his AI company, xAI. The poll is intended to gauge public opinion before seeking board and shareholder approval. Currently, over 70% of voters support the investment. Additionally, Tesla reported a 2% year-over-year increase in Q2 revenue, surpassing estimates, but its stock fell 7.8% in after-hours trading.
July 24, 2024 | 1:46 am
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Elon Musk's poll on whether Tesla should invest $5 billion in xAI has garnered significant attention, with over 70% of voters in favor. This move could indicate a strategic shift for Tesla towards AI and robotics. Despite reporting better-than-expected Q2 revenue, Tesla's stock fell 7.8% in after-hours trading.
The poll suggests a potential strategic investment by Tesla in xAI, which could diversify its business into AI and robotics. However, the stock's decline despite strong Q2 revenue indicates market uncertainty about this move.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100