Elon Musk has suffered a major hit to his fortune after shares of SpaceX and Tesla declined sharply, wiping more than $51 billion from his net worth in a single day.
According to Forbes, SpaceX shares fell by over six per cent on Tuesday, dropping to just above $150, while Tesla shares also slipped by nearly four per cent.
The decline significantly impacted Musk, who owns billions of shares in both companies.
Forbes reported that the combined losses reduced the billionaire’s fortune by $51.4 billion, bringing his estimated net worth down to $948 billion.
Despite the setback, Musk remains the world’s richest person by a comfortable margin.
SpaceX made its highly anticipated stock market debut last month, briefly pushing Musk’s wealth to a record $1.45 trillion and making him the world’s first trillionaire.
However, since going public, the company’s shares have experienced sharp fluctuations, leading to repeated swings in Musk’s wealth.
One of the biggest setbacks came after SpaceX’s $60 billion all-stock acquisition of AI coding startup Cursor, a move that drew criticism from some analysts who argued it could dilute shareholder value.
Despite the recent decline, several Wall Street analysts remain optimistic about SpaceX’s long-term growth, with some predicting the company could have an even greater impact than many of today’s leading tech giants.
Source: Forbes
