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Tesla posts biggest weekly drop since 2022 as Musk wealth falls sharply

Tesla posts biggest weekly drop since 2022 as Musk wealth falls sharply

Tesla fell nearly 20% to $313.03 and SpaceX closed at $115.07 as Elon Musk’s Bloomberg-estimated fortune dropped about $130 billion in a week and nearly $700 billion from its June peak.

Fact Check
All specific figures in the claim are corroborated. The Binance News post confirms Tesla's ~20% weekly drop to $313.03 as the biggest since 2022, SpaceX closing at $115.07, and the ~$130 billion weekly wealth decline per Bloomberg. CoinGape confirms the ~$700 billion drop from the June peak (~$1.45T on June 16) to ~$738B. CNBC confirms SpaceX's June 12, 2026 IPO under ticker SPCX and Musk's trillionaire status, establishing the June peak. The claim's phrasing 'SpaceX closed at $115.07' correctly reflects that SpaceX is now publicly traded post-IPO. The figures are consistent across independent sources.
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Summary

Tesla fell nearly 20% for the week to close at $313.03, its biggest weekly drop since 2022, while SpaceX ended at $115.07, down almost 50% from its June 16 peak and at its lowest level since its recent IPO. The declines hit Elon Musk’s paper wealth hard: the Bloomberg Billionaires Index showed a drop of about $130 billion over five trading days, and a fall from roughly $1.45 trillion on June 16 to about $738 billion by July 23. The selloff in Musk-linked assets followed weaker sentiment around SpaceX after a delayed Starship launch and broader pressure on AI-related stocks, while Tesla shares were also weighed down after second-quarter adjusted earnings per share missed analysts’ estimates despite revenue beating expectations.

Terms & Concepts
  • Bloomberg Billionaires Index: Bloomberg ranking of personal fortunes.
  • market capitalization: Total value of a company’s outstanding shares.
  • earnings per share: Company profit allocated to each outstanding share.