Tesla Sinks 18% to Worst Week Since 2022 as SpaceX Slides 7.2%

1 articles · Updated · CNBC · Jul 24

$313.03 marked Tesla’s Friday close after an 18% weekly plunge, its steepest slump since 2022, while SpaceX fell 7.2% to $115.07 and extended its post-IPO decline.
Weaker-than-expected second-quarter earnings drove Tesla’s selloff after the company turned cash-flow negative on heavier spending for robotaxis, humanoid robots and a chip fab.
About $130 billion was erased from Elon Musk’s wealth in the twin declines, knocking him from the trillionaire mark he had reached only weeks earlier.
SpaceX shares are now about 43% below their June 16 peak as investors await Friday’s 13th Starship test flight in Texas, delayed a day by weather after another recent scrub.