Elon Musk's Net Worth Drops $51 Billion Amid Stock Decline

Elon Musk, the CEO of SpaceX and Tesla, experienced a significant reduction in his net worth, which dropped by $51 billion on Tuesday. This decline was primarily attributed to a 6% decrease in SpaceX's stock price, which hovered just above $150.

Tesla's shares also fell nearly 4%, further impacting Musk's wealth. Following these declines, Musk's total fortune is now estimated at $948 billion.

He holds 4.8 billion shares of SpaceX along with 350 million stock options, and approximately 700 million shares of Tesla. Despite the drop in share prices, reports indicate that Wall Street banks remain optimistic about SpaceX's long-term prospects.

Musk's net worth had previously reached a high of $1.45 trillion, making him the world's first trillionaire, but the stock's volatility has led to significant fluctuations in his wealth, including a sell-off in late June linked to a $60 billion stock acquisition of AI startup Cursor. Musk remains the richest person in the world, significantly ahead of Google co-founders Larry Page and Sergey Brin.