SpaceX’s stock price keeps falling, and Elon Musk’s net worth drops below $900B

BlockBeats message, July 14: Spurred by SpaceX’s continued stock-price decline, Musk’s net worth fell below the $900 billion mark on Monday. SpaceX shares fell 3.8% on Monday, dropping to nearly $140, close to its $135 IPO offering price. Tesla shares fell 3% over the same period; this round of pullback caused Musk’s net worth to evaporate by $37.9 billion, and his latest net worth is $879.3 billion.

Despite his wealth shrinking, Musk remains the world’s richest person, ahead of Google co-founders Larry Page ($290.1 billion) and Sergey Brin ($267.6 billion). Musk holds 4.8 billion shares of SpaceX and 350 million options, and also owns about 700 million shares of Tesla.

Musk’s net-worth peak was $1.45 trillion, reached on June 16 when SpaceX shares hit an all-time high above $225. Since then, the stock has cumulatively fallen by more than 38%.

Despite weak stock performance, Wall Street analysts are generally bullish on SpaceX. Raymond James set a target price of $800, implying a market cap of over $1 trillion. According to FactSet data, analysts’ average target price is $236; among them, Arete Research set $401, Morgan Stanley set $300, and Goldman Sachs set $205. Raymond James analyst Brian Gesuale believes that SpaceX is “building a foundational platform for the next generation of industrial capacity.”

SPCX-4.26%
TSLA-3.18%
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