Elon Musk Endures a Tough Week: Tesla Faces Sharpest Decline Since 2022, SpaceX Drops Before Starship Test Flight

Deep News04:31

It has been a difficult week for Elon Musk.

Tesla Motors closed at $313.03 on Friday (July 24), plunging nearly 18% for the week, marking its worst weekly performance since 2022. SpaceX also continued its downward trend, sliding 7.2% over five trading sessions to close at $115.07 on Friday, the lowest level since its record IPO last month.

The decline in both stocks erased approximately $130 billion from Musk's wealth, just weeks after he became the world's first trillionaire. Musk posted on X platform on Friday, writing, "(Former) trillionaire."

The sharp drop in Tesla Motors was triggered by its second-quarter earnings report released late Wednesday, which fell short of expectations. The company's cash flow turned negative due to a surge in spending on future projects such as robotaxis, humanoid robots, and large chip factories.

"We expect this to pressure free cash flow and delay profit growth without delivering any short-term returns to shareholders," analysts at Argus Research wrote in a report on Friday, maintaining a "hold" rating on the stock. "We believe it is almost impossible for Tesla Motors to achieve sustainable profit growth in the near term."

Tesla Motors shares have fallen 30% year-to-date, making it the worst-performing stock among major technology companies.

For more comprehensive news and precise analysis, visit Sina Finance App.

Editor: Zhang Jun SF065

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