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Tesla shares tumble as Musk fails to deliver

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Tesla shares have slid more than five per cent as Elon Musk fails to wow investors about his company’s future

Tesla boss Elon Musk fronted shareholders today, outlining the company’s ambitions into 2023 and beyond.

The EV maker has bold plans to cut assembly costs by half for future generations of cars, but did not set a date on when exactly an affordable electric vehicle will be on the market.

Shares fell more than five per cent in after hours trade following the investor day, held at Tesla’s Texas headquarters.

Led by Musk, more than a dozen company executives discussed everything from a plan for the globe to embrace sustainable energy to innovation.

In an attempt to show the depth of the executive bench beyond Musk, the presentation also featured an array of senior engineers, including the new global production chief.

The company was expected to lay out a plan to make a more-affordable electric vehicles to help broaden the brand’s appeal and fend off competition.

But his never happened. #trending #featured

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There’s a 50/50 chance of a 2024 recession

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The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?

 
The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.

#ticker today #money

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Tesla insurance sued for ‘inflated’ premiums, judge rules

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A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.

The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.

The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.

The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.

Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.

It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.

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Elon Musk mocks Paris Hilton’s cookware ad

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Tech mogul Elon Musk couldn’t resist poking fun at Paris Hilton’s recent cookware ad campaign after her company suspended a mysterious “X” deal.

In a tweet that quickly went viral, Musk quipped that the ad “wasn’t super convincing.”

The tweet came shortly after Paris Hilton’s company, Hilton Home Collection, announced the suspension of an undisclosed partnership, leaving fans and followers speculating about the nature of the collaboration. While the reasons for the suspension remain unknown, Musk’s tweet added a humorous twist to the situation.

Musk’s lighthearted remark sparked a flurry of reactions on social media, with some users joining in on the jest and others expressing curiosity about the nature of the suspended deal. Meanwhile, Paris Hilton herself has yet to respond to Musk’s comment, leaving many wondering if there’s more to the story than meets the eye.

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