Tesla's second-quarter earnings revealed a revenue decline of 12% to $22.5 billion, alongside an 8% stock drop that cost Elon Musk $19.5 billion in net worth. Automotive revenue fell 16%, and earnings per share decreased by 18%. Musk expressed concerns about potential rough quarters ahead, though he remains optimistic about robotaxi products. Tesla's stock has dropped 24% this year, but Musk's overall wealth is supported by his significant stake in SpaceX, valued at $400 billion, despite challenges from competitors in self-driving technology.
Tesla's second-quarter revenue fell 12% to $22.5 billion with an 8% stock drop, leading to a $19.5 billion decrease in Elon Musk's net worth.
Musk acknowledges that Tesla might face 'some rough quarters' ahead, but remains optimistic about the company's future in robotaxi technology.
Despite a 24% drop in Tesla's stock this year, Musk's wealth is buoyed by his stake in SpaceX, which is valued at $400 billion.
Musk has been able to convince Wall Street that Tesla is transitioning towards becoming a robotics and artificial intelligence company, despite stiff competition.
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