SpaceX becomes biggest Elon Musk asset as Tesla stocks tank: report
With Tesla stock tumbling, Elon Musk’s greatest asset appears to be SpaceX.
According to Forbes, his 42% stake in SpaceX is worth $147 billion. That’s $20 billion more that the value of Musk’s Tesla shares when trading ended Monday.
Tesla stock continued to lose worth Tuesday as the electric car company’s dealerships around the world report being targeted by vandals and activists. Shares in the electric vehicle maker were selling for $225.19 by 2 p.m. That’s a drop of nearly 13% from the previous day’s close.
Musk’s estimated worth topped $400 billion in December after he spent nearly $300 billion to put President Trump and his political allies in power, according to Bloomberg. But his fortunes changed after he began scaling back government services as the head of Trump’s Department of Government Efficiency (DOGE) and further aligned himself with far right-wing political ideology.
Musk’s hand gesture resembling a Nazi salute at an inaugural event appeared to bring public sentiment against him to a head.
Many Tesla owners began selling their automobiles or altering them to appear as though they were from a different manufacturer in the U.S. In England, posters featuring Musk in a “Swasticar” began appearing in public.
While European electric vehicle sales rose in January, Tesla purchases overseas dropped 45%, according to research firm Jato Dynamics.
Forbes noted there could be another reason for Musk’s sudden troubles.
Wedbush Securities analyst Dan Ives reportedly said in a report that Musk’s ability to balance his duties as Tesla’s CEO and his work with the Trump Administration could have investors concerned.
Musk admitted to Fox Business over the weekend he was having “great difficulty” running his companies while working with the DOGE.
But the 53-year-old entrepreneur assured investors last week on social media that Tesla “will be fine long-term.”
President Trump recently held a promotional event for Musk’s cars in front of the White House where he warned activists against damaging Tesla products.
SpaceX increased revenue by 51% in 2024. That included its Starlink satellite internet service doubling its worth, according to Forbes.
Musk’s companies, which continue receiving government contracts, were built on $38 billion in federal funding, according to the Washington Post.
The Bloomberg Billionaires Index listed Musk’s worth at $312 billion Tuesday afternoon. He remains the world’s richest person.
With News Wire Services