Tesla and SpaceX loss hits Musk's wealth
Over the past week, the shares of my companies Tesla and SpaceX experienced sharp declines, resulting in a loss of approximately $130 billion from Elon Musk's wealth. Tesla's stock fell by 18% to close at $313.03, marking its worst weekly performance since 2022. Meanwhile, SpaceX's stock declined by 7.2% to reach $115.07, its lowest level since its initial public offering last year. The drop came after second-quarter results that fell short of market expectations, due to increased spending on future projects such as autonomous vehicles, robotics, and the semiconductor factory. Since its listing, SpaceX has continued to decline, down about 43% from its June highs. The company plans to launch the Starship V3 rocket after two previous attempts were delayed due to weather conditions and technical faults. This rocket is crucial for the company's expansion efforts and its lunar and Mars exploration missions. Musk posted about the wealth declines on the X platform, amid controversial comments regarding his support for right-wing parties.
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