surprising fact
Musk’s net worth is now smaller than it was before SpaceX’s record-setting IPO, falling below the $813 billion his fortune was valued at as of June 3. The trading debut for Musk’s rocket maker made him the world’s first trillionaire, and his wealth peaked at $1.45 trillion when SpaceX shares hit an all-time high on June 16, marking a nearly $700 billion decline as of Friday.
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what to watch for
Musk’s Tesla will report earnings on July 22. Shareholders have submitted questions to Musk and Tesla executives ahead of an investor call, and several of the most-upvoted prompts ask why Tesla’s robotaxi plans have “stalled.” One such question asks Tesla directly: “What is keeping Tesla back from accomplishing these short-term goals that they’ve set for themselves?”
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key background
The latest test flight for Starship comes after a failed attempt in May, during which the rocket’s Super Heavy booster failed to make a controlled landing in the Gulf of Mexico after several engines failed to reignite. Musk has boasted SpaceX’s Starship for years as the firm aspires to ferry cargo and humans to the moon and Mars, and at about 400 feet tall, the rocket is considered the largest ever. Some test flights have resulted in explosions, including a launch last year that Musk called a “minor setback,” arguing it was “not easy making life multiplanetary.” SpaceX pointed to Starship as the forefront of its growth strategy in its IPO prospectus, which the company claims is designed to be the “world’s first fully and rapidly reusable spacecraft” with plans to reduce costs to reach orbit by 99%.
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further reading
ForbesElon Musk’s Fortune Falls Below $900 Billion As SpaceX Slide WorsensBy Ty Roush