surprising fact
Musk’s net worth dropped below $700 billion in July, marking the first time his fortune fell below that threshold since December, after SpaceX shares extended a 50% plunge from an all-time high on June 16. As of July 23, Musk’s net worth had declined by about $750 billion after peaking at $1.45 trillion.
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key background
SpaceX’s stock has rebounded since hitting an all-time low, with its first earnings report appearing better than Wall Street anticipated. Shares briefly stumbled by 13% after SpaceX’s first-ever earnings, but several brokerages, including Morgan Stanley, Oppenheimer and Cantor, praised the firm’s financial success and argued its AI business outweighed concerns about its increased spending. JPMorgan analysts wrote SpaceX was benefiting from “extreme vertical integration” and noted its “pace of change in AI is incredibly fast,” and that a step-up in AI infrastructure and higher monetization could push SpaceX’s AI revenue to $100 billion in 2027.
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further reading
ForbesElon Musk’s Wealth Sinks Below $700 Billion As SpaceX Rout ExtendsBy Ty Roush