Tesla (TSLA) Tumbles 12% as Elon Musk Diverts Attention With Mystery ’X-Project’

Elon Musk’s empire shows cracks as Tesla shares nosedive—again. The CEO’s latest 'game-changer' announcement smells suspiciously like another shiny object to distract from delivery misses.

Wall Street yawns. 'Innovation theater' won’t fix Tesla’s core problem: Musk’s divided focus. Meanwhile, crypto traders smirk—at least shitcoins don’t have factory bottlenecks.

Tesla Falls After Musk Announced Potential Vine Return

Vine was one of the most popular social media platforms of its time, setting the stage for future short-term content that we see today on TikTok, Reels, and YouTube Shorts. Musk’s announcement isn’t out of the blue, as he has floated a Vine revival before. Days after he finalized his Twitter takeover in 2022, he launched a “Bring back Vine?” poll that garnered overwhelming affirmation. Axios reported that Musk’s team was “working to reboot Vine” by the end of that year. And Musk earlier this year said he was “looking into” bringing back Vine as a TikTok ban was slated to take effect.

Rumors began to swirl that X (formerly Twitter), the social platform that Musk bought in 2022, could have some sort of integration with a potential Vine revival. However, representatives from X have yet to confirm anything.

On Wednesday, Tesla said revenue fell 12% and profit dropped 16% in the April-June quarter. Many prospective buyers have been turned off by Musk’s foray into right-wing politics, and the competition has ramped up in key markets such as Europe and China. Its latest earnings report sent shares plummeting, and that drop will take a lot to come to an end.