Tesla and SpaceX Stocks Drop Sharply Amid Earnings Miss and Upcoming Starship Test
Elon Musk faced a difficult week as Tesla shares fell to their worst slump since 2022, dropping nearly 18% for the week. The decline was driven by weaker-than-expected earnings from Tesla due in part to increased spending on futuristic projects like robotaxis and humanoid robots. Meanwhile, SpaceX also saw its stock fall about 7%, continuing a downward trend following its recent IPO. This brought Musk's net worth down by approximately $130 billion just weeks after he became the first person to reach a trillion-dollar fortune. Analysts noted that Tesla’s free cash flow turned negative and warned of delayed earnings growth. SpaceX is preparing for another test flight of Starship V3, its largest rocket yet, which has been repeatedly postponed due to technical issues and weather concerns.
Topics: Earnings Report Elon Musk SpaceX Stock Decline Tesla