Tesla stock suffers double-digit drop on carmaker’s worst day in years
Elon Muskâs EV company lost a quarter of its value this year amid weak profits and high spending on AI and robotics Teslaâs stock fell about 13.5% on Thursday in one of the biggest single-day market losses in the companyâs history. Elon Muskâs automaker has struggled throughout the year, losing about 27% of its market value as huge capital expenditures and weaker-than-expected profits worry investors. US stocks as a whole tumbled on Thursday with Nasdaq down more than 2% after touching its lowest level since early May as the latest earnings updates from large technology companies â revived concerns about heavy AI â spending, while soaring oil prices amped âup inflation worries and pushed up bond yields. The S&P 500 and the Dow exchanges fell more than 1% after second-quarter results from Alphabet and Tesla, the first of the so-called âMagnificent Sevenâ megacap companies to report this season, failed to impress â investors. Teslaâs market losses come the day after it released its second-quarter earnings, which revealed the company made 31 cents per share as opposed to the 51 cents per share that Wall Street analysts expected, a proxy measure for the companyâs p
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