Elon Musk saw his paper wealth drop by up to $700 billion in five weeks as Tesla and SpaceX shares declined.
Elon Musk experienced a significant reduction in his paper wealth, losing an estimated $650 billion to $700 billion in roughly five weeks as his two primary ventures, Tesla and SpaceX, saw shares slide. Tesla shares fell 14.5% following a report of second-quarter adjusted earnings of $0.33 per share, which missed the $0.50 consensus estimate. The company reported negative free cash flow due to heavy capital spending on projects like robotaxis and humanoid robots. Simultaneously, SpaceX shares have trended downward since their initial public offering, dropping roughly 50% from their June peak. While analysts offer a wide range of price targets, many remain optimistic about the success of the Starlink satellite network. Despite the market volatility, Musk remains focused on long-term goals, including the upcoming test flight of the Starship V3 rocket. Musk also recently defended his support for the far right during an interview, noting his vocal and financial backing of President Trump and various anti-immigrant parties.