Elon Musk saw a significant loss in personal wealth as Tesla and SpaceX shares experienced a sharp weekly decline.
Elon Musk saw approximately $130 billion of his wealth vanish this week as both Tesla and SpaceX experienced significant stock price corrections. Tesla shares plunged 18% to close at $313.03, marking the company's worst weekly slump since 2022. The decline followed weaker-than-expected second-quarter earnings, as the electric vehicle maker increased spending on futuristic projects like robotaxis and humanoid robots. Simultaneously, SpaceX shares dropped 7.2% to $115.07, continuing a downward trend since the company's record IPO last month. Despite the market volatility, SpaceX is preparing for the 13th test flight of Starship V3 from its Texas facility. During a recent interview, Elon Musk defended his support for far-right political parties, including Germany's anti-immigrant AfD. He criticized traditional media for what he described as an "absurd characterization" of the far right. Musk continues to provide vocal and financial support for President Trump, who is expected to oversee the second administration.