Tesla shares plunged 18% during the week, closing at $313.03 on Friday, their worst weekly slump since 2022. SpaceX also dropped 7.2% over five days, ending at $115.07, its lowest since its record IPO last month. These combined declines wiped away approximately $130 billion from Musk’s wealth, weeks after he became the world’s first trillionaire. Tesla reported disappointing second-quarter results, with cash flow turning negative due to heavy spending on futuristic projects such as robotaxis, humanoid robots and a massive chip fabrication plant.
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