Crypto News: Elon slashes Tesla prices, Wall Street's oil moment

Tesla CEO Elon Musk with the newly unveiled Tesla Model Y in 2019. Photographer: Frederic J. Brown/AFP

Tesla chief executive Elon Musk has cut prices of his company's electric cars at least a half-dozen times already this year, shaving almost a third of the cost off its top-selling model in the US. The strategy has no precedent — nor is there consensus as to whether it heralds more industry disruption or signals Musk's desperation.

Tesla investors have always been able to rely on Musk to talk about growth. In its early years, Tesla expanded in fits and starts from a single car plant in California. After opening a second factory in Shanghai in early 2020, the company issued a wildly ambitious forecast: 50% average growth in vehicle deliveries over multiple years, with manufacturing capacity scaled up as quickly as possible. Tesla made good on part of the plan, opening two new car factories in two months early last year.

What Musk hasn't grown in the past few years is Tesla's lineup. So is the Model Y getting a bit stale, or do the problems lie with the rest of Tesla's lineup?

An electronic display in front of the Midland Petroleum Club in oil boom-town Midland, Texas earlier this year. Photographer: Javier Blas

US shale redrew the world's energy map and, as a consequence, its politics. For nearly two decades, it was ruinous for shareholders, but kept oil prices lower and provided jobs and investment for the rest of America. Just as significantly, shale gave the White House a powerful geopolitical lever to face oil-rich foes like Iran and Russia.

Many — wrongly— assumed that those boundaries were permanent, writes Javier Blas for Bloomberg Opinion. Now it's Wall Street's turn to cash in — and what happens next matters well beyond the Permian Basin.

View of Brickell skyline in Miami. Photographer: Rose Marie Cromwell for Bloomberg Markets

As every major country in Latin America shifts to the left in reaction to widening inequality, capital is fleeing the region. People and corporations in the region's five largest economies pulled roughly $137 billion out of their countries in 2022 — 41% more than in 2021 and the most since 2010.

This week on The Big Take podcast: Wall Street is pumping California's wells dry, why Europe's health care system is cracking, and why it's so expensive to get your hands on Ozempic.

Subscribe and listen on iHeart, Apple and Spotify.

"If [China] cannot get those machines, they will develop them themselves. The more you put them under pressure, the more likely it is that they will double up their efforts."

Peter Wennink

ASML Chief Executive Officer

Europe's biggest technology company found itself at the center of US-China tensions.

$1.1 trillion

How much the world is pouring into next-generation climate tech. Here are the sectors investors are betting on

Weight-loss drugs like Ozempic could create a $150 billion market. But between pharmaceutical and insurance companies, who picks up the tab?
Dave Chappelle is buying up one Ohio town. His neighbors have some thoughts.
Bloomberg's Pop Star Ranking: How country star Morgan Wallen rebounded from controversy.
The WNBA is raking in more cash than ever. Its players aren't.
Watch the debut episode of Bloomberg Investigates: How TikTok's algorithm is sending videos on suicide and eating disorders to kids.
From the Archives: Ron DeSantis is building his political platform attacking "woke" business.