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Tesla’s disappointing second-quarter earnings report triggered a significant drop in the company’s stock price, causing CEO Elon Musk’s net worth to plummet by approximately $16 billion in a single day.that Elon Musk, the CEO of Tesla and SpaceX, experienced a substantial reduction in his net worth on Wednesday as Tesla’s stock price took a nosedive following the release of the company’sreport.
Tesla’s second-quarter earnings report revealed a 45 percent decline in profits compared to the same period last year. The company reported a net income of $1.5 billion for the April to June quarter, a substantial drop from the $2.7 billion recorded in the previous year. Despite this downturn in profits, Tesla did manage to achieve a two percent increase in revenue compared to the prior year.
Addressing this issue during a call with analysts on Tuesday, Musk acknowledged the challenges posed by competitors. He stated, “There have been quite a few competing electric vehicles that have entered the market and mostly, they have not done well, but they have discounted their EVs quite substantially, which has made it more a bit difficult for Tesla.
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