Elon Musk Now Follows Uber Founder On X: Foreshadowing For Robotaxi Day Or Coincidence?
Electric vehicle leader Tesla Inc (NASDAQ:TSLA) reported second-quarter deliveries Tuesday morning before market open.
While the deliveries served as a catalyst for the stock, analysts and investors may turn their attention now to the next catalyst, which centers on Tesla's robotaxi aspirations.
What Happened: Tesla is gearing up to host its robotaxi day event on Aug. 8. The event will likely focus on Tesla’s ambition to expand its autonomous vehicle operations globally and launch a robotaxi segment, which could become a significant revenue driver for the company.
Investors are eagerly anticipating the event and may have uncovered a clue about someone who could be involved.
Tesla CEO Elon Musk recently followed Uber Technologies (NYSE:UBER) co-founder and former CEO Travis Kalanick on X, the social media platform formerly known as Twitter.
Kalanick left his role as Uber CEO in 2017 and left the Board of Directors in 2019. Kalanick was listed as the Uber CEO/co-founder from June 2009 to June 2017, according to his LinkedIn profile.
"It seems like the right moment for me to focus on my current business and philanthropic pursuits. I'm proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines," Kalanick said at the time.
The former Uber CEO is now CEO of City Storage Systems and runs the 10100 Fund.
Kalanick has not posted on X since 2019, which makes the recent follow by Musk all that more interesting.
Musk follows 650 people on X as of the time of writing. This figure has grown significantly over the last year. In March 2023, when Musk became the most followed person on X, he was following 184 people.
The recent social media move could be a random action by Musk, a hint from the CEO or a way to communicate with Kalanick if his account is still active.
Read Also: Tesla Recovery Story: Analyst Says ‘Fun Starts’ Soon After Q2 Deliveries
Why It's Important: While he is no longer active with Uber, Kalanick has a proven track record in the ride-share business segment and with securing investments for the space.
Musk’s follow has led some investors to believe that Tesla might be collaborating with Uber on a future project, while others speculate that Tesla could be bringing Kalanick on board to assist with the business.
Bank of America recently highlighted Uber as a top investment idea for the second half of 2024. The analyst said Uber's partnerships with Costco and Instacart were items to watch. The Tesla robotaxi day was also listed as a catalyst that could be negative or positive.
"While there is risk of competition, less competitive uncertainty following robotaxi day could also benefit Uber and Lyft given overhangs," Bank of America said.
Musk recently highlighted Tesla's future growth with the robotaxi and Optimus bot, two of the items he believes could significantly increase the company's market capitalization.
"We're not just opening a new chapter for Tesla, we're starting a new book," Musk said.
Musk said autonomous vehicles will be similar to Airbnb and Uber with the company owning some cars and customers owning others.
"Your car makes money for you while you're gone."
Musk said owners will be able to have their vehicles join the fleet with one tap for however long they want.
"This is actually going to happen. Mark my words, this is simply a matter of time."
TSLA Price Action: Tesla shares are up 5% to $220.90 on Tuesday, versus a 52-week trading range of $138.80 to $299.29. Tesla stock is down 25% over the last year.
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Image generated using artificial intelligence via Midjourney.