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Tesla and SpaceX losses reduce Musk's wealth by $130 billion
Tesla and SpaceX stocks experienced a sharp decline during the week, resulting in billionaire Elon Musk's wealth decreasing by approximately $130 billion. Tesla's share fell by 18% to close at $313.03, marking the worst weekly performance since 2022. Meanwhile, SpaceX's stock dropped by 7.2% to $115.07, its lowest level since its initial public offering last month. This decline followed second-quarter results that fell short of market expectations, as the company's free cash flow turned negative due to increased spending on future projects such as autonomous vehicles, robots, and semiconductor manufacturing. SpaceX plans to conduct a test launch of the Starship V3 rocket to enhance its capabilities and pursue lunar and Martian colonization, although the launch was delayed due to weather conditions. On a personal note, Musk faced criticism after an interview in which he supported right-wing populist and far-right parties, describing them as "ordinary people."
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