Tesla's stock drops 6% as Cybercab update 'underwhelms' Wall Street

BREAKING: $TSLA drops 6% after its long-awaited Cybercab update 'underwhelms' Wall Street.

Tesla just lost six percent over a party nobody got to watch.

Thursday night in Austin, the company finally showed off the Cybercab, that bronze two-seater with butterfly doors and no steering wheel. Except the event was invite only, there was no livestream, and Elon Musk never showed up. For a company that built its brand on theatrical reveals, that's a very loud silence.

The news itself was thin. Riders on the Robotaxi app can now hail a driverless Cybercab inside a geofenced patch of Austin. RBC said pricing, production pace and regulatory approval are all still open questions. Wells Fargo went with one word, underwhelms. And users are already posting videos of wrong routes, missed destinations and long waits.

So the stock gave back Thursday's five percent pre-event pop and then some. Meanwhile the safety regulator is auditing whether the thing should be on public roads at all. Tesla wanted a Waymo moment. Wall Street saw a demo.

This is Sara White, reporting for HIT.