Tesla shares crashed more than 14% on Thursday, wiping off nearly $19 billion from the world’s richest man and the company’s CEO Elon Musk’s net worth after the electric vehicle major’s quarterly earnings failed to impress the Street.
Tesla shares plunged over 14.5% to close below $320 apiece on Thursday. This came after the company’s profit miss and cash burn spooked investors, despite higher oil prices due to the Middle East conflict increasing demand for electric vehicles, leading to the automaker reporting record vehicle deliveries.
