Tesla Shares Plummet, Elon Musk’s Fortune Dips $17 Billion After Q2 Warning

Shares of electric vehicle giant Tesla experienced a significant plunge on Thursday, leading to an estimated $17 billion reduction in Elon Musk’s net worth. The sharp decline followed the company’s second-quarter report on Wednesday, which revealed the largest quarterly revenue drop in over a decade and a nearly $600 million loss in automotive regulatory credits.

During the earnings call, Musk cautioned investors that Tesla could face “a few rough quarters” ahead, attributing the potential challenges to the impending expiration of federal electric vehicle tax credits. Tesla’s stock fell over 9% to just below $302, impacting the value of Musk’s substantial stake in the automaker.

Analysts are closely watching the impact of the expiring $7,500 EV tax credit, which is set to take effect after September 30. While some foresee a “headwind” for Tesla and its competitors, others remain optimistic, predicting a “modest reduction” in credit revenue rather than drastic revisions.

Despite the immediate financial hit, Musk reiterated Tesla’s ambitious goal of having full autonomous ride-hailing accessible to half of the U.S. by the end of 2025, pending regulatory approvals.

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