Musk Loses $130 Billion as Tesla Sinks 18% and SpaceX Extends Post-IPO Slide
Updated
Updated · CNBC · Jul 24
Musk Loses $130 Billion as Tesla Sinks 18% and SpaceX Extends Post-IPO Slide
1 articles · Updated · CNBC · Jul 24
Summary
$130 billion was erased from Elon Musk’s fortune this week as Tesla fell 18% to $313.03 and SpaceX dropped 7.2% to $115.07.
Tesla’s selloff followed weaker-than-expected second-quarter results, with negative cash flow driven by heavier spending on robotaxis, humanoid robots and a chip fab.
Argus said that spending will pressure free cash flow and delay earnings growth, underscoring why Tesla is now down 30% this year—the worst performance among tech mega-caps.
SpaceX has fallen for four of the past five weeks and sits about 43% below its June 16 peak, adding pressure ahead of a delayed 13th Starship test flight in Texas.
The setback comes only weeks after Musk became the world’s first trillionaire, a milestone he mocked on X Friday by calling himself a “former” trillionaire.