Tesla shares drop after co-founder's departure and disappointing earnings

Tesla’s longtime chief technology officer , who helped create the company, is stepping down after 16 years, CEO Elon Musk told analysts on the earnings call Wednesday. The news followed the disclosure that Tesla reported a larger than expected loss — $408 million — in the second quarter.

Straubel's departure comes amid a tumultuous year for the electric car manufacturer as it struggles bringing its long-promised affordable Model 3 electric car to the mass market. In January, Tesla announced job cuts of 7% of its workforce, just six months after it cut 9% of its staff.

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Automobile business is tough.

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Stocks making the biggest moves after hours: Facebook, Tesla, Ford, PayPal and moreSee which stocks are posting big moves after the bell on July 24.
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Tesla set to report second-quarter earnings after the bellTesla is set to report second quarter earnings after the bell. Analysts expect revenue of $6.41 billion, losses per share of 40 cents, according to Refinitiv. Too soon elonmusk or too real?
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