特斯拉自1月以来市值下跌了40%。
其营收下降了20%，利润更是暴跌71%。
与此同时，埃隆·马斯克一直在忙着“拯救政府”，却没顾得上拯救自己的公司。
开个话头👇🧵 

Twitter

Tesla's market value has dropped by 40% since January.
Its revenue declined by 20%, and profits plummeted by 71%.
Meanwhile, Elon Musk has been busy "saving the government" and hasn't had time to save his own company.
Let's start the conversation 👇🧵

Author | Shisi Jun

1. Introduction
In the blink of an eye, I've been working in the wallet industry for four years. Many people think the wallet landscape in 2025 is already solidified, but that's not the case—it's been turbulent beneath the surface. This year:

· Coinbase launched its new CDP wallet, built on TEE technology;

· Binance's MPC wallet introduces key sharding and hosting to the TEE environment;

· Bitget just released its social login feature last week, hosted on a TEE basis;

· ...

A brief overview of the history of blockchain wallets and the market landscape in 2025.

Crypto traders have not yet shown enough fear on social media to confirm a market bottom, according to a crypto analyst who suggested Bitcoin could still slide to around $75,000.
“It looks very tempti...

Crypto market ‘isn’t scared enough’ to call a bottom yet: Santiment

Following the controversy surrounding Fundstrat's Bitcoin views, co-founder Tom Lee responded, stating that the "contradictory predictions" seen by outsiders were actually research conclusions from different positions and timelines, not internal disagreements. Previously, Sean Farrell, head of digital asset strategy at Fundstrat, suggested that Bitcoin might retrace to the $60,000-$65,000 range in the first half of 2026; while Tom Lee believed Bitcoin could reach new highs, even surging to $200,000 as early as the beginning of 2026. A Fundstrat...

Tom Lee responds to Fundstrat's "contradictory" views on Bitcoin: Different positions, different timelines, not internal disagreements.

特斯拉的故事正在发生翻天覆地的变化：
2020年：“特斯拉将彻底改变全球交通”
2024年：“特斯拉将引领人工智能和人形机器人领域”
2025年：“特斯拉......它会生存下来吗？”
到底咋回事儿？

The Tesla story is changing dramatically:
2020: “Tesla will revolutionize global transportation”
2024: “Tesla will lead the field of artificial intelligence and humanoid robots”
2025: “Tesla…will it survive?”
What’s going on?

埃隆·马斯克刚宣布要大幅减少他在政府效率部（DOGE）的时间，以便回归特斯拉。
翻译过来就是：“休斯顿，咱有麻烦了。” 

Elon Musk just announced that he will be significantly reducing his time at the Department of Government Efficiency (DOGE) in order to return to Tesla.
Translated: "Houston, we have a problem."

数据相当难看：
• 汽车业务营收：-20%（与2024年相比）
• 净利润：-71%（与2024年相比）
• 市值：-40%（自2025年1月起）
而且这还是在100%对中国加征关税冲击其电池业务之前。 

The numbers are pretty ugly:
• Automotive revenue: -20% (compared to 2024)
• Net profit: -71% (compared to 2024)
• Market capitalization: -40% (from January 2025)
And this is before the 100% tariff on China hits its battery business.

问题可不只是电动汽车的需求。
特斯拉的使命发生了根本性转变：
2008 - 2022年：“加速向可持续能源转型”
2023 - 2025年：“成为人工智能和机器人技术领域的领导者”
投资者都懵圈了。

The problem isn’t just demand for electric cars.
Tesla’s mission has fundamentally shifted:
2008-2022: “Accelerate the transition to sustainable energy”
2023-2025: “Become a leader in artificial intelligence and robotics”
Investors are confused.

能源存储业务（Powerwall、Megapack）是特斯拉唯一的亮点。
它已经占到汽车业务营收的20%。
但有个大问题：依赖从中国进口的磷酸铁锂电池。 

The energy storage business (Powerwall, Megapack) is the only bright spot for Tesla.
It already accounts for 20% of the automotive business revenue.
But there is a big problem: dependence on lithium iron phosphate batteries imported from China.

根据特斯拉首席财务官的说法，加征新关税后，这项业务将受到“不成比例的冲击”。
讽刺的是：现在唯一运转良好的业务也危在旦夕了。

According to Tesla’s CFO, this business will be “disproportionately impacted” by the new tariffs.
The irony: Now the only business that’s doing well is at risk.

与此同时，马斯克一直痴迷于：
• 机器人出租车（多次推迟发布）
• 人形机器人Optimus（有“磁铁问题”）
• 在华盛顿削减“欺诈和浪费”
就是不咋卖车。他这是在玩火？ 

Meanwhile, Musk has been obsessed with:
• Robotaxis (multiple delayed launches)
• Optimus the humanoid robot (has “magnet problems”)
• Cutting “fraud and waste” in Washington
Just not selling cars. Is he playing with fire?

10年前，每个学生都想做关于埃隆·马斯克的演讲。他就是现实版的托尼·斯塔克。
如今，很大一部分潜在购买群体“已经没有了5到10年前的那种感觉”。 

Ten years ago, every student wanted to give a presentation about Elon Musk. He was the real-life Tony Stark.

Today, a large portion of the potential buying base “doesn’t have the same feeling that it did five to ten years ago.”

特斯拉面临的困境至关重要：
• 它是一家汽车公司吗？
• 它是一家能源公司吗？
• 它是一家人工智能和机器人技术公司吗？
马斯克似乎押宝在第三个选项上，但投资者买账的是前两个

The dilemma facing Tesla is crucial:
• Is it a car company?
• Is it an energy company?
• Is it an AI and robotics company?
Musk seems to be betting on the third option, but investors are buying into the first two

2025年的业绩指引推迟到了7月。
翻译过来就是：“咱完全不知道2025年会咋样。”
高管们要等看看关税情况再做承诺。

The 2025 guidance was pushed back to July.
Translated: “We have no idea what 2025 will be like.”
Executives will wait and see what happens with tariffs before making any promises.

特斯拉正处在十字路口。
马斯克回来试图挽救局面，但问题不只是他投入的时间，还有公司的发展方向。
它会重新聚焦汽车和能源吗？还是继续追逐机器人和自动驾驶出租车？ 

Tesla is at a crossroads.
Musk is back to try to save the day, but the question isn’t just how much time he’s putting in, but also the direction of the company.
Will it refocus on cars and energy? Or will it continue to chase robotaxis and self-driving taxis?