Tesla stock posts worst week since 2022, down 18%
Tesla shares fell 18% this week — their worst weekly slump since 2022 — as post-earnings selling pressure persisted, closing Friday at $313.03. SpaceX shares also slid to a post-IPO low amid a delayed Starship test flight, and the combined declines wiped roughly $130B off Elon Musk's net worth.
Tesla stock closed out the week down 18%, its steepest weekly decline since 2022, according to CNBC. The slide extended a selloff that began after Tesla's second-quarter earnings missed consensus on July 22.
Shares closed Friday at $313.03, down 2.08% ($6.66) on the day. SpaceX stock fell 7.2% over the same five sessions to $115.07 — its lowest since last month's record-setting IPO — as the company postponed its Starship V3 test flight over weather and technical issues.
The twin declines cut roughly $130B from Elon Musk's net worth in a single week, adding to the cumulative drop of up to $700B from his mid-June peak covered elsewhere in this briefing. Musk himself posted a wry acknowledgment on X: "(Former) trillionaire."
Summaries are prepared by the Tesla Briefing editorial team and may not capture every nuance of the original reporting. You are solely responsible for your own investment decisions.