Tesla stock records its largest loss in a week - Economist

Tesla stock recorded a significant decline during trading on Friday, causing it to suffer the largest weekly losses of the current year, as the stock ended the last session of the week at a price of $211.99.

Tesla stock's losses this week amounted to more than 15% after CEO Elon Musk became pessimistic about macroeconomic issues while commenting on the company's third-quarter results. 

This week represents the worst week for Tesla stock this year, although the electric car maker's shares are still up 96% since the beginning of the year so far. 

For the period ending September 30, 2023, Tesla announced revenues of $23.35 billion and profits of $1.85 billion, which is a decrease compared to the previous quarter, and profits were lower than the same quarter last year as well. 

Elon Musk shocked the market with his pessimistic remarks about the "economy" as he stressed that cutting costs and lowering "prices" would be necessary for Tesla in the coming quarters.