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

Elon Musk's fortune experienced a significant decline of over $51 billion on Tuesday, following a sharp drop in the share price of his rocket company, SpaceX. According to Forbes, SpaceX's stock plummeted by more than 6% to just above $150 per share by Tuesday afternoon, hovering near its initial debut price.

Simultaneously, shares in Musk's electric vehicle company, Tesla, also saw a decline, falling by close to 4% on the same day. The combined losses at both companies resulted in a $51.4 billion reduction in Musk's total net worth, bringing his fortune down to $948 billion.

SpaceX recently went public in a highly anticipated stock market debut, which briefly propelled Musk's net worth to an unprecedented $1.45 trillion, making him the world's first trillionaire. However, the stock has exhibited considerable volatility since its listing, with significant price swings leading to substantial reductions in Musk's wealth on multiple occasions.

Despite the recent downturn, some Wall Street analysts maintain a bullish outlook on SpaceX's long-term prospects. One analyst reportedly described the company's potential impact as exceeding that of any other company they have covered. Musk continues to hold the position of the world's wealthiest individual by a considerable margin.