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Tesla shares plunged as much as 10% in early trading Thursday after the company posted its steepest sales drop in more than a decade – and CEO Elon Musk warned the slump may not end anytime soon.The embattled electric carmaker reported that revenue from car sales fell 16% to $16.7 billion in the second quarter versus a year ago – its second straight quarter of declining sales. Tesla also missed Wall Street’s quarterly estimates for both earnings per share and overall revenue. “We probably could have a few rough quarters,” Musk admitted during the company’s earnings call on Wednesday.*** Tesla...

Elon Musk added nearly $7 billion to his net worth Wednesday as Tesla’s shares rallied to a new intraday high amid a broader surge for tech stocks, as analysts have held optimism for the automaker in the weeks since the election.

The Dow Jones Industrial Average dropped Wednesday, while tech stocks dived as Wall Street reacted to several notable second-quarter earnings reports. Two early earnings losers on the stock market today were Magnificent Seven players Tesla (TSLA) and Alphabet (GOOGL). After the opening bell, the Dow Jones Industrial Average moved down 0.6%, or 250 points, as the S&P 500 fell 1.2%. The tech-focused Nasdaq composite sold off 1.8% in morning action. Early Wednesday, the 10-year Treasury yield dipped to 4.21%. Oil prices bounced, with West Texas Intermediate futures trading around $77.65 a barrel. Among exchange traded funds, the Invesco QQQ Trust...

What's Tanking Tesla Stock? Billionaire George Soros Cuts His Ties to Elon Musk The famed short seller sold all his Tesla shares in Q1, acquired gradually since the second quarter of 2022. LUC OLINGAMAY 13, 2023 10:52 AM EDT Elon Musk won't see a famous face at the Tesla shareholder meeting being held in Austin, Texas on May 16. Musk's billionaire peer George Soros, the most famous short seller in the world, won't be attending the Tesla shareholder meeting, since he is no longer a shareholder of the electric vehicle manufacturer as of March 31. According to regulatory filings, Soros...

Electric car manufacturer Tesla’s stock value is below $150, making it the lowest stock value since CEO Elon Musk took over Twitter in October. Just before 3 p.m. Tuesday, the stock was trading at $140.34, the lowest the price has been since November 2020. Shares opened up on Monday just below $150 a share, with hopes from investors that Mr. Musk would step down as CEO of Twitter after a public poll on the site had the majority of users calling for him to step down. Mr. Musk has made no mention of when he will step down. He had...

In fact, it’s not “inexplicable” at all. ___ Tesla shares rose to $313.38 this morning, giving the company a market capitalization of about $51 billion, surpassing GM for a moment as the most valuable American automaker. This left some industry insiders wondering about tulip bulbs. “It’s either one of the great Ponzi schemes of all time, or it’s all going to work out,” mused Mike Jackson, CEO of AutoNation, the largest dealer group in the US. He was speaking at a conference hosted by the National Automobile Dealers Association and J.D. Power. “It’s totally inexplicable, as far as its valuation,”...