Tesla (TSLA.US) shares tumbled a cumulative 18% last week, closing at USD313.03 on Friday, marking the company's largest weekly decline since 2022. SpaceX also extended its downturn, diving 7.2% over five days to close at USD115.07 on Friday, the lowest level since its record IPO last month.
The declines in the two stocks wiped out around USD130 billion from Elon Musk's net worth, only weeks after he became the world's first trillionaire. Elon Musk posted on X on Friday: "(Former) trillionaire".
Tesla's downswing was mainly dented by weaker-than-expected 2Q26 results. The EV maker released its 2Q results after market close on Wednesday. Owing to surging spending on future projects including Robotaxi, humanoid robots and large-scale chip factories, the company's cash flow turned negative.
Tesla shares have slumped 30% YTD, markedly underperforming other large-cap tech peers.
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AASTOCKS Financial News
Website: www.aastocks.com
| SG Top Picks |
| Stock & Type |
Code |
Strike(Call Level) |
Last |
Effective Gearing |
| TSLA (P) |
11135 |
330 (-) |
0.770 |
2.9 X |
