Elon Musk’s Net Worth Drops $17 Billion
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President Donald Trump took a break from his bitter public feud with Elon Musk by offering support to Tesla in an early morning post on Truth Social.
The Tesla CEO hosted an earnings call once more long on promises and short on specifics, especially regarding his month-old robotaxi service that has logged only 7,000 driverless miles.
Shares in Tesla were down in premarket trading as the carmaker lays out the risks from President Trump’s tariffs and his scrapping of tax credits.
The fallout from Elon Musk’s plunge into politics a year ago is still hammering his Tesla business as both sales and profits fell sharply again in the latest quarter.
President Donald Trump said he doesn't plan to remove subsidies for Elon Musk's companies, just weeks after suggesting that DOGE could investigate him.
Tesla’s financial position is getting worse, as the fallout continues from CEO Elon Musk’s politics. The electric automaker reported Wednesday that both revenue and profits fell in the second quarter of the year compared to a year earlier.
Tesla CEO Elon Musk warned of challenges after the EV maker saw a 12% revenue drop to $22.5 billion in Q2, marking its worst quarter in years. The decline stemmed from lower vehicle deliveries and regulatory credit revenue,
The CEO is already eyeing expansion for his Tesla Diner dishing merchandise and food served by Optimus robots.
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