Austin, TX
Tesla shares tumble below $150 per share
Tesla’s stock tumbled below $150 per share, giving up all the gains made over the past year as the electric vehicle maker reels from falling sales and steep discounts intended to lure more buyers.
Shares in the Elon Musk-owned company slid nearly 4% in intraday trading Thursday, in what now stands as the third worst week for the stock in 2024, a year that has been dismal for Tesla investors. The Austin, Texas company’s shares are down 12.4% this week and more than 39% this year.
Shares of Tesla Inc. last traded at the $150 level in Jan. 2023.
It’s also been a bad year for employees. Tesla said Monday that it was cutting 10% of its staff globally, about 14,000 jobs. The next day, Tesla announced it would try to re-instate Musk’s $56 billion pay package that was rejected by a Delaware judge in January, who said that the arrangement was dictated by Musk and was the product of sham negotiations with directors who were not independent of him.
At the time of the Delaware court ruling, Musk’s package was worth more than $55.8 billion, but the stock slide has cut that to $44.9 billion at the close of trading on Friday, according to a company filing this week.
Tesla shares hit an all-time intraday high of $415.50 in Nov. 2021, adjusted for a 3-for-1 stock split that took effect in August 2022.
Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The company said it delivered 386,810 vehicles from January through March, nearly 9% below the 423,000 it sold in the same quarter of last year.
Dan Ives, an analyst with Wedbush who has been very bullish on Tesla’s stock, called the first quarter sales numbers an “unmitigated disaster.”
“For Musk, this is a fork in the road time to get Tesla through this turbulent period otherwise dark days could be ahead,” Ives wrote this week.
Yet on Thursday, Deutsche Bank joined other industry analysts in voicing concern over Musk’s big bet on autonomous vehicles as it stripped the company of its “buy” rating, citing Tesla’s “change of strategic priority to Robotaxi.”
Wall Street expects that Tesla will report a decline in first quarter earnings next week and many are wondering if there’s any near-term catalyst for growth that would end Tesla’s stock slide. Industry analysts were expecting a new small electric vehicle for the masses that would cost around $25,000, the Model 2, but there were reports last week that Musk was scrapping that project.
Musk disputed the reports, but wrote on X, the social media platform that he owns, that Tesla would unveil a robotaxi at an event on Aug. 8.
Uncertainty over the release of a cheaper vehicle from Tesla has altered the equation for analysts like Deutche Bank’s Emmanuel Rosner.
Such a delay would tie Tesla’s future more closely to “cracking the code on full driverless autonomy, which represents a significant technological, regulatory and operational challenge. We view Tesla’s shift as thesis-changing,” Rosner wrote.
Since last year, Tesla has cut prices as much as $20,000 on some models as it faced increasing competition and slowing demand.
Other automakers also have had to cut electric vehicle production and reduce prices to move EVs off dealership lots. Ford, for instance, cut production of the F-150 Lightning electric pickup, and lopped up to $8,100 off the price of the Mustang Mach E electric SUV in order to sell 2023 models.
U.S. electric vehicle sales growth slowed to 3.3% in the first quarter of the year, far below the 47% increase that fueled record sales and a 7.6% market share last year. Sales of new vehicles overall grew 5.1%, and the EV market share declined to 7.15%.
In addition to massive job cuts this week, Tesla this week announced the departure of two high-placed executives.
Andrew Baglino, Tesla’s senior vice president of powertrain and energy engineering, is leaving after 18 years with the company.
Rohan Patel, senior global director of public policy and business development and eight-year Tesla veteran, is also departing.
Join several Austin labor unions and community members to honor Lorenzo Salgado Araujo’s life and the countless immigrants who have been impacted by ICE.
The community vigil will take place at the Wildflower Church on Saturday, July 11th starting at 6 PM. All are welcome to bring flowers and candles as we honor the loss of life and grieve the separation of families.
Community Vigil Details
🗓️ July 11, 2026 | 6:00 – 8:00 PM
🗺️ 1314 E Oltorf St, Austin, TX 78704
🚗 Public transit and rideshare encouraged! Limited parking available and overflow parking may be available at Travis High School.
Please consider donating to the family’s GoFundMe if you are able: https://bit.ly/atx4lorenzo
AUSTIN (KXAN) — A report released by the think tank Texas 2036 claims that ten state laws implemented between 2019 and 2025 led to “one of the nation’s most comprehensive strategies for connecting education to careers.”
The report is titled “The Next Generation of the Texas Miracle.” It can be read below.
Mary Lynn Pruneda, Texas 2036’s director of education and workforce policy, said in an announcement accompanying the report that the reforms have been steps in the right direction.
“Texas has a bright economic future ahead of it, but we have to make sure that Texas students are equipped to share in this prosperity,” she said. “Texas needs to double down on improving and investing in high-quality career pathways so that all Texas students can take part in the Texas Miracle. Thankfully, due to the Legislature’s great work over the past four sessions, we are on our way to that critical goal.”
The report gives several data points, such as a 532% increase in high schoolers earning “post-secondary credentials” since 2018, or that community colleges awarded 140,000 “credentials of value” in 2024.
It paints a rosy picture of the future Texas economy, but doesn’t source its data or explain how it reached these conclusions. It’s apparent that the think tank wants further laws related to Texas’ workforce and education.
“Texas 2036 is actively engaged in that process, pushing for data modernization and interoperability reforms that would allow the state to track whether credentials are meeting real employer needs in communities across the state,” said the think tank in its announcement.
Grace Atkins, policy advisor of postsecondary education for Texas 2036, called the think tank’s report “encouraging.”
“The early results are encouraging: more students are earning credentials that can help them move into good jobs, and that is real progress,” she said. “For students and families, these pathways can be the difference between getting by and getting ahead. The next step is making sure more Texans can earn credentials that lead to strong wages, real career options and greater economic mobility.”
AUSTIN, Texas — After Senator Charles Perry vowed to introduce another bill to ban THC in Texas next legislative session, an Austin cannabis shop owner is urging lawmakers to find a middle ground.
Estella Castro owns Austinite Cannabis Co., a family-owned shop that makes and sells cannabis and hemp products.
Austinite Cannabis Co. (Photo: CBS Austin/Audrey Wong)
Her business has faced a potential THC ban before. During the 2025 legislative session, Senate Bill 3 attempted to enact a broad ban on all cannabinoids except CBD and CBG.
Castro says she was most worried for her customers. “It was a big initial hit of like, what are we gonna do? How are we gonna pivot? How are we gonna keep the doors open for everybody to keep their jobs?” she said.
RELATED | Texas state senator plans to introduce new THC ban bill in upcoming session
That bill passed, but was later vetoed by Governor Greg Abbott. Similar legislation failed to pass during the subsequent special session.
However, the possibility of a total ban bill being introduced and passed next session could spell trouble for Austinite Cannabis.
During a hearing Tuesday, July 7, Senator Charles Perry vowed to present such a bill next session as public officials, medical experts, and others discussed THC’s medical uses, effects on minors, and regulation.
Castro says over half of the store’s revenue comes from products that contain THC.
“I would say it’s about a 60/40 split: 60% THC and 40 CBD… So feel like it is a huge number that affects my store in so many ways,” she said.
ALSO | Texas French Bread reopens dining room four years after fire
She feels that a total ban on THC would negatively affect multiple parties.
“Banning it is just hurting the consumer,” she said. “Making the consumer go and find a street dealer… killing any dispensaries… it’s gonna hurt your small business owner.”
If another THC ban bill is written, it will be introduced during the next legislative session, which begins in January 2027.
In the meantime, Castro’s two stores will continue to operate as normal. She hopes lawmakers will think twice about instituting a complete ban on THC.
“I feel like we’re better than that, you know, we’re Texas,” she said. “We need to find some middle ground where it’s not a complete ban, and we can still be able to come together.”
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