Quick overview

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Elon Musk, the CEO of Tesla, announced a new version of the artificial intelligence chatbot Grok, bringing xAI’s technology to automobiles and expanding the company’s robotaxi service area. Shares rose by approximately 3%.

Musk stated on X that Tesla cars will be equipped with Grok, his AI chatbot, “next week at the latest.” Grok recently posted numerous antisemitic remarks and praised Adolf Hitler. Overnight, xAI formally released the Grok 4 update while the company continued to face criticism for the hateful comments the chatbot had made. Musk mentioned that the company is expanding its robotaxi service area in Austin, Texas, this weekend, following a user’s post on his social media platform X.

He also said Tesla is “probably in a month or two” away from receiving regulatory approval for a launch in the Bay Area.

Musk and his empire are facing a challenging period due to the growth of Robotaxi and Grok integration. Tesla’s annual shareholder meeting is scheduled for November 6, as revealed in a filing on Thursday.

The company’s latest shareholder meeting was held in June 2024, after Musk became a prominent supporter of President Donald Trump’s reelection campaign.

Musk led DOGE, the Department of Government Efficiency, under the Trump administration.

Musk and Trump have publicly clashed on social media over a significant tax bill after resigning from DOGE at the end of May.

The president has suggested that the government consider reducing contracts for Musk’s businesses. Investor concerns that this public dispute could harm Tesla have led to a drop in shares from their post-election peak. Some investor interest was also reduced by slowing sales and increased competition.