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Elon Musk’s fortune slumps to pre-SpaceX IPO levels after rout
Fortune • • business
Key Points:
- Elon Musk's net worth has dropped from a peak of $1.33 trillion on June 16 to $684 billion, marking a decline of over $600 billion following SpaceX's IPO pricing last month.
- SpaceX shares fell 46% from a high of $201.80 to $108.37, with 911.5 million insider shares set to unlock next month, potentially increasing selling pressure.
- Short interest in SpaceX surged to 219.3 million shares by July 29, representing over one-third of publicly tradable shares, ahead of the company's first quarterly earnings report as a public entity.
- Tesla shares have declined 17% since its Q2 earnings release on July 22, which revealed a cash-negative quarter despite strong deliveries and significant capital expenditures totaling $5.8 billion.
- Tesla plans substantial future investments, including humanoid robots and autonomous vehicles, with expected capital expenditures exceeding $25 billion this year, contributing to a 36% drop in its stock since December; Musk's Tesla holdings are valued at $129 billion, while his SpaceX stake exceeds $550 billion.
