US Markets
Home›US Markets›Equities›Elon Musk’s net worth slips as SpaceX and Tesla stocks…
Elon Musk’s net worth slips as SpaceX and Tesla stocks diverge
SpaceX trades around $149 after a post-IPO swing, with its market value at about $1.9 trillion and Musk controlling the company through special dual-class shares.
Elon Musk’s net worth has fallen to about $858 billion, after briefly reaching $1 trillion on June 12 and then $1.1 trillion, according to the Bloomberg Billionaire Index as cited by Yahoo Finance.
The outlet attributes part of the decline to stock moves tied to Musk’s major holdings. SpaceX shares sold off following its June 12 IPO, with the IPO pricing at $135, and the stock has since traded in a wide range from about $104.83 to $225.64, according to the article.
Yahoo Finance also points to recent SpaceX earnings, where the company reported revenue of $7.8 billion, up 92% year over year, alongside a net loss of $541 million compared with a net loss of $1 billion in the prior-year quarter. The piece says investors reacted to segment results, including a loss in the AI-related business and significant spending.
On the capex front, the article highlights that SpaceX reported capital expenditures of $18.4 billion in the second quarter, up nearly seven times from $2.8 billion a year earlier, and adds that continued AI investment is expected to run into the tens of billions as the company builds data centers, per the account. The article notes Musk owns 48% of SpaceX and has larger control through special dual-class shares, which it says give him complete control of the company.