Tesla closed out its worst week since 2022 after weak quarterly results, while SpaceX fell further ahead of a delayed Starship V3 test flight, cutting Elon Musk's wealth by about $130 billion.
Tesla shares sank 18% for the week to close at $313.03 on Friday, marking the electric vehicle maker's worst weekly drop since 2022 after weaker-than-expected second-quarter results. The company turned cash flow negative as spending surged on projects including robotaxis, humanoid robots and a large chip fab, adding to investor concerns about the payoff from Elon Musk's long-term bets. SpaceX also fell 7.2% over five days to $115.07, its lowest level since the company's record IPO last month, ahead of a delayed 13th test flight of its roughly 400-foot-tall Starship V3 rocket. The combined stock declines erased about $130 billion from Musk's wealth, weeks after he became the world's first trillionaire.