Elon Musk’s net worth drops $50bn as SpaceX shares tumble again

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Tesla and SpaceX chief executive, Elon Musk, saw his fortune reduced by more than $51bn on Tuesday after shares in the rocket company fell sharply, Forbes has reported.

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According to the report, SpaceX’s stock dropped by over six per cent to just above $150 by Tuesday afternoon.

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“Shares of SpaceX plunged by more than 6% as of Tuesday afternoon to just over $150, hovering only slightly above its $150 debut price, while Tesla shares dropped by nearly 4%,” Forbes said.

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Tesla shares also declined by close to four per cent on the same day.

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Forbes explained that the losses at both companies wiped $51.4bn off Musk’s net worth, bringing his total fortune down to $948bn.

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Musk holds 4.8 billion shares in SpaceX along with 350 million stock options in the firm, in addition to roughly 700 million shares in Tesla, the outlet stated.

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Despite the drop in share price, Forbes noted that some Wall Street banks remained bullish on SpaceX’s long-term prospects, with one analyst describing the company’s potential impact as bigger than that of any company they had previously covered.

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SpaceX went public last month in one of the most anticipated stock market debuts in recent history, briefly pushing Musk’s net worth to an all-time high of $1.45tn and making him the world’s first trillionaire.

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However, the stock has been highly volatile since listing, with sharp swings wiping hundreds of billions of dollars off Musk’s fortune on more than one occasion, including a selloff in late June linked to a $60bn all-stock acquisition of AI coding startup Cursor, which some analysts criticised as diluting shareholder value.

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Musk remains the world’s richest person by a wide margin, ahead of Google co-founders Larry Page and Sergey Brin, who rank second and third on rich lists.

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