Hyperdrive
Tesla Plunges on Loss and Co-Founder’s Surprise Departure From Role
- Loss of $1.12 a share last quarter was worse than any estimate
- J.B. Straubel is leaving CTO job after 15 years with company
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Tesla Inc. shares plummeted as much as 13% after a worse-than-expected loss and yet another major management change cast fresh doubts on the electric-car maker’s future.
Despite delivering a record number of vehicles in the second quarter, Tesla lost $1.12 a share, a bigger deficit than any analyst projected. While Chief Executive Officer Elon Musk is hoping to earn a profit in the three months ending in September, he told shareholders he’ll prioritize other goals.