Tesla Plunges 18%, SpaceX Falls 7.2% This Week; Musk's Wealth Erased $130 Billion

According to CNBC, Tesla shares plunged 18% this week, closing at $313.03 on Friday—the worst single week since 2022—while SpaceX declined 7.2% to $115.07, marking its lowest since its record IPO last month. The combined losses erased approximately $130 billion from Elon Musk's wealth, just weeks after he became the world's first trillionaire.

Tesla's collapse was driven by disappointing Q2 earnings released Wednesday after market close. The automaker reported negative free cash flow due to heavy investments in Robotaxi, humanoid robots, and a megafactory. Argus Research analysts noted they expect "pressure on free cash flow, delayed profit growth, and no shareholder returns in the near term." Tesla has declined 30% year-to-date, underperforming all major tech stocks.