The fallout from Elon Musk's plunge into politics a year ago is still hammering his Tesla business as both sales and profits dropped sharply again in the latest quarter.

Nelson downgraded the company’s stock to a neutral rating in April. But even some of the Tesla bulls on Wall Street are saying that the time for Musk to take action is running out.

Good morning. Tesla falls short of Wall Street estimates as scandal and competition take a toll. Adani Group scraps its super app ambitions. And Nintendo’s Switch 2 notches another high score. Listen to the day’s top stories.

AI positivity drove Alphabet's shares to new heights, but Musk's "rough quarters" warning saw Tesla's share price slump

Tesla (TSLA) reported second quarter results that fell short of Wall Street estimates on both the top and bottom lines. Adjusted earnings of $0.40 per share fell short of the Bloomberg consensus estimate of $0.

Elon Musk warned that Tesla could face "a few rough quarters," as it weathers shifting tariffs and the end of EV tax credits in the US.

The world's richest man, Elon Musk, suffered more than $17 billion (KSh 2.2 trillion) cut from his wealth, currently estimated at KSh 51.3 trillion.

Tesla's stock shot up to a gain of 1.7% in the after-hours session, soon after results were reported, then pulled a sharp U-turn to fall as much as 1.8%. It has bounced back into the green, and was up 0.

Tesla's latest earnings report reveals a significant sales decline, raising concerns over its future amid increasing competition and CEO Elon Musk's polarising leadership